The article argues that major differences in the credit ratings issued by Moody's, S&P Global and Fitch for African countries and financial institutions raise serious concerns about the consistency and objectivity of their assessments.

According to the author, when a country or institution receives a lower credit rating, borrowing becomes more expensive because investors demand higher interest rates to cover what they see as greater risk.This can reduce access to funding for development projects and economic growth.

The article points to several recent examples, including the African Export-Import Bank (Afreximbank), Dangote Industries and Kenya, where the three agencies reached notably different conclusions despite reviewing similar financial information.

The author argues that Fitch's downgrades of Afreximbank and Dangote Industries were later questioned by developments that appeared to strengthen their financial positions.

Likewise, Moody's downgrade of Kenya was followed within months by an improved outlook, which the author suggests may indicate that the earlier assessment was too negative.

The article also notes that some Asian credit rating agencies have assigned stronger ratings to African institutions, recognising factors such as their strategic importance and repayment records.As a result, several African countries have increasingly looked to Asian capital markets for financing.

The author concludes that African governments and institutions should challenge ratings they believe are inaccurate, diversify their funding and rating relationships beyond Western markets, and encourage more objective, evidence-based assessments from international credit rating agencies.