Financial experts and Kenyans alike have expressed their dissatisfaction with the low credit rating given to the Kenyan government by Moody’s Investors Service. Debt management expert Jerome Ndiya has gone as far as to call the poor ratings a result of systematic financial polarisation orchestrated by powerful entities in the global financial system. He believes that this unfair treatment of poorer countries in the global financial markets makes it challenging for regional countries to access the credit they need for economic development.
Jerome Ndiya is calling for transparency from the credit rating agency, urging them to reveal the criteria they use to determine the creditworthiness of countries in the global South. He questions whether they take into account the value of Kenya’s natural resources or if they simply base their analysis on budget statements and revenue collection measures. Ndiya strongly believes that this approach needs to change in order to create a more equitable financial market.
Economist Susan Mwihaki echoes Ndiya’s sentiments, emphasizing the need for a standard credit rating mechanism to address the chronic low ratings given by global firms. She highlights the impact of these low ratings on the continent’s public debt, which poses a threat to the sustainability and access to lines of credit. Mwihaki is calling for a reevaluation of the unfair credit rating system to achieve a more just financial market. The recent news of Moody’s revising the country’s ratings has sparked further conversation on social media, with many expressing skepticism about the credibility of international credit rating agencies and calling for more transparency in their evaluation of the country’s debt profile.