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Africa challenges global credit rating agency power
In recent years, global credit ratings agencies have been key players in determining the cost at which African governments can borrow funds, and have come under intense scrutiny from African nations. As these countries strive to fund crucial infrastructure projects, the power wielded by agencies like Moody's and Fitch has become increasingly controversial. Accusations of bias, which may inflate borrowing costs or even shut countries out of international markets, have led to growing calls for a continental alternative. With many African economies heavily reliant on external financing, the stakes could not be higher.
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