Global financial ratings, often seen as neutral arbiters of economic risk, play a decisive role in shaping the fates of countries, corporations, and investors alike. Issued by powerful agencies like Moody’s, Standard & Poor’s (S&P), and Fitch, these ratings influence everything from interest rates on sovereign debt to investment flows into emerging markets. But beneath the surface lies a complex web of politics, power dynamics, and historical biases that raise critical questions about the legitimacy and fairness of these systems.
Credit rating agencies (CRAs) assign ratings that reflect the likelihood of a borrower – whether a country or corporation – defaulting on its debt. A high rating (like AAA) signals low risk, while a downgrade can signal distress and lead to increased borrowing costs. These agencies act as gatekeepers to international finance, determining who gets access to capital and at what price.
But their influence extends beyond finance. A credit downgrade can lead to austerity policies, political instability, and even regime change, particularly in fragile democracies. This immense power makes the politics behind the ratings impossible to ignore.
Critics argue that global rating agencies are structurally biased toward Western economies. The top three agencies are all based in the United States and have historically rated Western countries more favorably than their developing counterparts—even when fiscal metrics are comparable.
Emerging economies often face disproportionately harsh scrutiny. For example, African nations with relatively stable debt ratios are sometimes rated similarly to countries in political turmoil. This reflects not only financial conservatism but also geopolitical perceptions, where countries outside the Western orbit are viewed with greater skepticism.
Moreover, U.S. foreign policy interests have occasionally aligned suspiciously with rating decisions. Countries critical of Western institutions or those aligning with non-Western powers like China or Russia have sometimes experienced sudden downgrades, even in the absence of immediate financial risk.
The 2008 financial crisis and the subsequent Eurozone crisis laid bare the flaws in the ratings system. Agencies were heavily criticized for giving top ratings to toxic mortgage-backed securities that fueled the crash. Later, during the Greek debt crisis, rapid downgrades by rating agencies intensified market panic and constrained policymakers, showing how reactive – and damaging- these ratings could be.
The European Union even proposed creating an independent European credit rating agency to reduce reliance on the “big three,” reflecting growing discontent with the status quo.
Despite their influence, rating agencies face limited accountability. Their assessments are protected as “opinions” under U.S. law, shielding them from legal consequences when ratings prove disastrously wrong.
There have been calls for reform, including diversifying ownership and governance of rating agencies, increasing transparency around methodologies, creating regional or public alternatives to challenge the monopoly of U.S.-based firms as well as breaking the reliance of regulatory systems on CRA ratings.
However, meaningful reform has been slow, largely due to the entrenched position of the existing agencies in global finance.
To conclude, financial ratings, though framed as objective tools, are inherently political instruments that reflect the priorities, perspectives, and prejudices of those who wield them. As countries around the world navigate an increasingly multipolar economic order, the debate over who gets to judge creditworthiness, and by what criteria, has never been more relevant.
Ultimately, rethinking the politics of global financial ratings is not about discarding risk assessments, but about ensuring that such evaluations are fair, transparent, and accountable in an era where financial flows shape the sovereignty and survival of nations.
As Africa stands on the cusp of transformative leadership changes in 2025, it is crucial to reflect on the nature of enduring state leadership and its relevance to today’s continent. The classical model of governance-where power is concentrated in a single political party, ethnic group, or class, and state organs like the legislature, executive, and judiciary function independently-has long been idealized. Yet, as history and contemporary realities show, this model is increasingly inadequate, both globally and in Africa.
The dominance of transnational capital has reshaped political systems worldwide. Western-style multiparty democracies, once hailed as engines of policy change, have often become mechanisms to perpetuate entrenched economic interests rather than serve the people. In Africa, this global dynamic is compounded by external pressures: governments that resist facilitating private accumulation aligned with global capital face destabilization or regime change. This pattern is evident not only in Africa but also in Latin America and other regions.
Today’s Africa is grappling with these challenges amid its own unique complexities. The continent’s political landscape is a mosaic of hope and setbacks. Countries like Tanzania show signs of democratic consolidation, while others like Cameroon and Gabon reveal the fragility of institutions and the persistence of authoritarian tendencies. The influence of external powers often prioritizes geopolitical interests over genuine democratic reform.
The upcoming elections and leadership transitions in 2025 offer a critical opportunity. The African Union’s leadership race, the renewal of key continental institutions, and national elections across multiple countries signal a moment to rethink governance. But for leadership to be truly enduring, it cannot be confined to transient governments or narrow political parties. Instead, Africa needs institutions that transcend electoral cycles and partisan interests-entities that embody the collective conscience and mediate between governments and citizens.
The idea of establishing councils of elders, conscience, or wisdom-independent bodies that oversee anti-corruption efforts, media freedom, and judicial integrity-resonates deeply in African contexts where traditional leadership structures historically played such roles. Embedding these principles in modern governance could help counterbalance the concentration of power seen in many states, where ruling parties dominate legislatures, executives, and courts, effectively cartelizing governance and stifling dissent.
Moreover, Africa’s youthful population, projected to reach 1.5 billion by 2025, demands leadership that is inclusive, transparent, and responsive. The continent’s demographic dividend offers immense potential for innovation and growth, but only if governance structures are capable of harnessing this energy rather than suppressing it.
The challenges are immense: persistent conflicts, economic inequalities, governance deficits, and climate vulnerabilities threaten progress. Yet, Africa’s institutions like the African Union and regional bodies are evolving, with increasing calls for homegrown solutions, regional integration, and stronger continental representation on the global stage.
In this context, the classical state organs alone cannot guarantee peace, development, or democracy. Africa must pioneer new governance models that institutionalize credible leadership beyond electoral politics. This includes transparent mechanisms for accountability, independent oversight bodies, and inclusive platforms that integrate civil society, youth, women, and marginalized groups.
The experience of entrenched political parties dominating state functions, seen not only in some African countries but also in established democracies like the United States, underscores the universal risk of democracy becoming a tool for elite interests rather than popular welfare. When political competition is reduced to two parties representing capital interests, voter apathy and distrust grow, and meaningful change becomes elusive.
Africa’s path forward lies in embracing governance innovations that reflect its diversity and aspirations. Strengthening institutions that mediate between the state and society, protecting the independence of the judiciary and anti-corruption agencies, and fostering participatory democracy are essential steps.
As 2025 unfolds, Africa’s leaders and citizens face a pivotal choice: to cling to outdated models that have failed to deliver inclusive prosperity or to chart a new course toward enduring leadership-one that is accountable, inclusive, and resilient against external and internal pressures.
The continent’s future depends not only on who holds office but on how institutions are structured to serve the people’s lasting interests. Only then can Africa realize its vast potential and secure a stable, prosperous tomorrow for all its citizens.
In March 2019, Ethiopian Airlines Flight ET-302 crashed shortly after takeoff, claiming the lives of 157 people from across the globe. In the aftermath of this tragedy, a dedicated team embarked on a mission to create a place of solace and remembrance. At the heart of this effort was architect Alebel Desta, whose vision shaped the ET-302 Memorial Park. More than just a monument, the memorial is a testament to resilience, healing, and the enduring power of memory. Alebel is also the architect behind ‘New beginnings’ urban art installation that was constructed for the Prime Minister’s inauguration ceremony on the 4th of October 2021 at Meskel square, which was installed by Ejig Design. Capital spoke with Alebel Desta about the project’s profound journey, the challenges faced, and the story behind the recently published book, “Spaces of Remembrance,” which documents the memorial’s creation from concept to completion. Excerpts;
Capital: Can you describe the founding principles and mission of Alebel Desta Consulting Architects and Engineers?
Alebel Desta: At Alebel Desta Consulting Architects and Engineers, we believe that simplicity can speak volumes. Our process begins not with drawing walls and windows, but with creating models… lots of them. We view architecture as a graceful blend of form and emotion. It’s about pushing ourselves to design better while also ensuring that what we build is true to our vision.
Capital: How has your studio evolved since its inception in 1998?
Alebel: From the very beginning, our focus has always been on design excellence, even when the scale of our projects was small. As clients began to truly appreciate the value of good design, the scale of our work expanded as well. Today, we find ourselves in a larger, more inspiring space where models and ideas receive the attention they deserve.
Zigzag Space emerged from this evolution, becoming a natural extension of our long-standing commitment to experimentation. It’s not just a physical space but a creative platform that allows us to bring together architecture and art. The gallery showcases vibrant, geometric paintings inspired by Ethiopian and African art, connecting our architecture practice with the broader creative community.
Zigzag Space also reflects our desire to share our culture of experimentation, not just within the firm, but with the architecture community and the public at large.
Capital: What inspired the design concept for the ET-302 Memorial, and how did you balance personal and universal experiences in the memorial’s creation?
Alebel: The concept for the ET-302 Memorial Park is engrained in themes of absence, revelation, and healing. It’s a space designed to honor the lives of 157 individuals from around the world. The memorial reveals the land where they rest while telling the story of the flight’s final moments, all while creating areas for reflection, healing, and connection.
Our goal was to create a space that feels intimate, allowing families and loved ones a quiet space for reflection. At the same time, we needed the memorial to resonate with the collective grief shared across the globe. Balancing these deeply personal and universal experiences was central to our approach throughout the design process.
Capital: In Spaces of Remembrance, the new book documenting the ET-302 Memorial, how does it trace the project’s evolution from concept to completion, and what do you hope readers take away from this process?
Alebel: Spaces of Remembrance is a detailed architectural document that goes in-depth into the evolution of the ET-302 Memorial, from the earliest conceptual sketches and preliminary studies to finalized construction drawings and on-site development images. Each major element of the memorial: Flight Path, Burial Ground, Main Monument, Healing Monument, Amphitheatre, Rock Garden, Parking and Utilities, and the Landscape is carefully illustrated with design narratives, iterative processes, technical drawings, and documentation of the building process, revealing the thoughtful unfolding of the project. But beyond its role as an architectural archive, the book serves a much more intimate purpose. For the families of the victims, it stands as a tangible piece of memory something they can hold, see, and return to. It affirms that their loved ones are not forgotten, that their lives are imprinted into both history and form.
For the architectural community, Spaces of Remembrance becomes a reference an example of how spatial practice can respond to loss, collective grief, and resilience with dignity and depth. It invites critique, reflection, and even expansion encouraging future practitioners to build upon what was done.
And for the entire team involved from architects and engineers to local builders and collaborators it is a publication to always look back on. It documents a collective process filled with emotion, rigor, and care. It reminds us all why we build, who we build for, and what it means to build with memory.
Capital: How did you collaborate with stakeholders, including families of the victims and contractors, to ensure the memorial met their expectations?
Alebel: In December 2019, a group of ten family members came together… not just as advisors but as co- dreamers. They worked closely with us from the very beginning to ensure the memorial truly reflected the memory of their loved ones. Alongside them, key partners like Boeing and Ethiopian Airlines supported the project both financially and logistically. The Association of Ethiopian Architects (AEA) played an important role by launching the design competition that set this journey in motion.
Throughout the process, everyone involved shared the same goal: to build something honest, respectful, and lasting. Elmi Olindo Contractors were central to bringing the design to life. Their work… more sculpting than construction was carried out with care, precision, and a deep sense of purpose. We worked hand-in- hand with them to ensure every detail was thoughtfully executed. Blake Emergency Services supported the project by providing emergency response planning and ensuring safety throughout.
Many others played a role too, including project managers who kept everything moving forward, local and regional officials who offered essential support, and engineers and consultants. Each person brought their own dedication and care.
Capital: What were some of the challenges faced during the construction process, and how did you overcome them?
Alebel: The construction site was both beautiful and challenging. Set in a remote area, it came with unpredictable weather, uneven ground, and complex logistics. Getting materials and equipment to the site wasn’t always easy.
A key part of the process was Elmi Olindo Contractors also handling the construction of the access road from Ejere to the memorial site, which was an essential step in making the entire project possible. Their deep experience showed at every turn.
Capital: How does the memorial incorporate elements of nature and architecture to create a contemplative space?
Alebel: We designed the ET-302 Memorial to bring together nature and architecture. The open sky above and the wide green lawns create a peaceful, open space for reflection. There are no enclosed public areas, allowing visitors to connect with the land and the sky around them.
The earthy tones and different patches of vegetation reflect the natural textures of the nearby farmland. Stone elements are thoughtfully placed, standing as quiet guardians, adding a timeless, natural feel to the memorial. Art is also an important part of the design, blending smoothly with the architecture. This memorial is an experience where nature and art come together to support reflection and healing. We didn’t just build on the land; we listened to it, and it guided us with its natural beauty, shaping this meaningful space.
Capital: How do you integrate sustainability and cultural heritage into your architectural designs?
Alebel: We always try to use local materials and push their possibilities. The ET-302 Memorial was mostly built using low-tech methods, relying on what was available nearby. Only when we couldn’t find certain materials in the local market did we look elsewhere. We also made it a point to work with local talent, which brought both skill and care to the project.
When it comes to cultural heritage, we looked to the land for inspiration. The colors of the memorial reflect the earthy tones of the Rift Valley, and the design takes cues from traditional rock-hewn architecture. The overall layout was made to feel calm and spiritual. We believe that architecture should respect both the land and the culture it lives in. And beyond just lasting physically, it should carry meaning… something that stays alive in people’s hearts over time.
Capital: Can you discuss any innovative materials or techniques used in your recent projects?
Alebel: Much of the technical brilliance behind the ET-302 Memorial comes down to the work of Elmi Olindo Contractors. From the detailed formwork to the complicated rebar layout, every piece had to fit just right. Pouring concrete into such a complex mold took serious mastery.
As for the facility buildings, they were equipped with clever, innovative, and up-to-date technological systems that help sustain the entire compound. From power systems to maintenance support, everything was designed to quietly serve the space without shouting for attention. That mix of smart systems and timeless craftsmanship made the whole project feel alive and lasting.
Capital: How do you see architecture evolving in Ethiopia, and what role do you envision for your studio in the vision for modern architecture?
Alebel: We’re seeing higher standards and a renewed ambition to design more thoughtfully. However, many projects in Addis Ababa could fit anywhere in the world, and I don’t believe that’s the right approach. Architecture here should not just be about creating impressive structures that could exist in any global city; it should be deeply rooted in the local culture, context, and environment.
Our vision is to build architecture that is more contextual, that speaks to the land, its history, and the people who live there. We want to create spaces that reflect our identity, integrating modernity while staying true to our cultural heritage and the specific needs of each community.
Capital: What upcoming projects are you most excited about, and how do they reflect your studio’s vision for modern architecture?
Alebel: We’re currently working on some urban art installations, which we’re really excited about. They allow us to experiment with how architecture interacts with public space on a more immediate, human scale. We’re also preparing an exhibition that focuses on experimenting with different materials and mediums… pushing boundaries beyond traditional architecture.
Another project that means a lot to us is a publication we’re putting together. It will look back on the past
10 years of our studio’s work, reflecting on our experiments, ideas, and overall philosophy. It’s a way of documenting how we’ve grown and where we see architecture heading.
Capital: How do you approach collaborations with international partners, and what benefits do you see in these partnerships?
Alebel: We often share our work on leading international digital architecture platforms, and that has helped us build connections and open up collaborations with firms abroad.
One example is a workshop we co-led with Iranian architects, held in Addis Ababa, focusing on bio- simulation methods for brick pattern-making… exploring how natural processes can inspire modern brick design. It was attended by 45 local architects, creating a lively exchange of ideas and techniques.
We also collaborate with a UAE-based interior design company on a few projects. These partnerships bring in new perspectives. They challenge us, inspire new ideas, and help us grow by blending different cultural approaches to design.
Capital: What message do you hope visitors to the ET-302 Memorial take away, and how do you see it impacting future generations?
Alebel: Our hope is that the ET-302 Memorial gives visitors a peaceful space to reflect and remember. Whether they visit today or fifty years from now, we want people to feel both the deep sadness of the loss and the warmth of remembering those who are gone.
We believe architecture can help with healing. The memorial is designed not just as a physical space, but as an emotional one… where nature, simplicity, and art come together to offer comfort.
We hope future generations will find in it a message of kindness, unity, and resilience. It’s a place that
honors the memory of those lost while offering hope and strength moving forward.
Capital: How do you believe architecture can contribute to healing and resilience in communities affected by tragedy?
Alebel: I believe that after experiencing tragedy, people need a place to gather to grieve, remember, and heal. Architecture can offer more than just a shelter it can create spaces filled with meaning and sensitivity. A carefully designed bench, a thoughtful wall, a quiet view… these small gestures can help stitch emotional wounds and bring people together. We believe architecture has the power to support resilience by giving communities a space where grief can slowly transform into hope.
Several companies operating within Mekelle Industrial Park (MIP) have expressed intentions to relocate their production machinery to other countries due to ongoing security challenges in the northern region, raising alarms about the future of one of Ethiopia’s key industrial hubs. Meanwhile, government officials are actively engaging with investors to find solutions and retain operations within the country.
Mekelle Industrial Park, a government-owned special economic zone (SEZ) located approximately 760 kilometers from Addis Ababa, was inaugurated in 2017 with 15 factory sheds sprawling over 75 hectares. It is among Ethiopia’s largest industrial parks, primarily hosting garment and textile manufacturers. The park, along with others in the northern region, has suffered significant disruptions following the conflict in Tigray, which has led to investor withdrawals and operational halts.
According to Kamil Ibrahim, Deputy CEO of Operations and Management at the Industrial Parks Development Corporation (IPDC), some investors are in discussions about re-exporting their machinery abroad. However, efforts are underway to offer alternatives, including relocating machinery to other industrial parks within Ethiopia, such as Hawassa and Bole Lemi, to maintain production domestically.
“We have presented options to move machinery to other parks within the country instead of removing it from Ethiopia,” Kamil said, emphasizing the government’s commitment to preserving industrial activity despite security challenges.
IPDC CEO Fisseha Yitagesu acknowledged that the war has severely impacted not only Mekelle Industrial Park but also other northern industrial zones like Kombolcha, Debre Berhan, Bahir Dar, and Semera. “Investment cannot thrive in an environment of conflict,” Fisseha stated, noting that despite incentives such as rent waivers for over two years, many investors remain reluctant to resume operations.
The situation was highlighted during a recent review by the House of Peoples’ Representatives Standing Committee on Public Development Enterprises Affairs, which examined the IPDC’s nine-month plan implementation for the 2024/25 fiscal year. The committee noted that while over 72,000 jobs have been created across 13 economic zones and industrial parks, challenges such as low wages, limited benefits, and housing shortages have led to high worker turnover.
Bole Lemi Industrial Park has provided housing for more than 6,000 workers and plans to replicate this model in Adama and Hawassa parks to improve worker retention. The committee also stressed the importance of safeguarding industrial park land from unauthorized third-party claims to ensure smooth operations.
Despite the setbacks, export revenue from special economic zones and industrial parks reached $83 million over the past nine months, with an 87% occupancy rate of built industrial sheds. The government has allocated 230 hectares of land to investors this year, out of 423 hectares available.
