This Week in ESG and Impact Investing

  Credit rating agencies—Fitch, Moody’s, and Standard & Poor’s—are among the most powerful institutions in global finance. Their evaluations affect everything from borrowing costs and investor confidence to the fate of national economies. However, a stark contrast in how these agencies rate African nations versus Western powers, particularly the United States, reveals troubling evidence of systemic bias embedded in the international credit rating regime. The Disparity: African Ratings vs. U.S. Ratings Ghana, Kenya, and Nigeria have received some of the lowest ratings on the credit spectrum. As of 2025: Ghana is rated RD (Restricted Default) by Fitch, SD (Selective Default) by S&P, and Ca by Moody’s. Kenya holds a B or B3 rating—deep in speculative territory. Nigeria hovers just above default at B- or Caa1. Meanwhile, the United States still retains ratings like AA+ (Fitch and S&P) and Aaa (Moody’s), placing it in the safest investment category. This remains the case des...

We attended the IMF/World Bank Spring Meetings and heard nothing that would make us revise our 2017 Economic Forecast for Businesses under Trump as noted in my  talk to the Greater Houston Black Chamber of Commerce  on February 14, 2017. As I noted then, we expect economic growth to continue for most of 2017. The IMF confirmed our forecast: global economic growth is projected to rise from 3.1% in 2016 to 3.5% by the end of 2017. The IMF expects global economic growth to reach 3.6% by 2018. Total global investments are expected to continue to grow from today's $212 trillion. These are stunningly good figures, and mark a complete reversal from the Fund's earlier, pre-Brexit 2016 economic forecast. Recall that the IMF predicted economic doom and gloom were Britain to exit the EU. They have softened their view, to say the least. This is not to suggest that the Fund has suddenly become a champion of the rosy scenario. (We think their growth forecast is too optimistic, by ...