Participants at the opening ceremony
By Etienne Mainimo Mengnjo
Experts drawn from different sectors in the African continent are brainstorming on how debt can be managed in the African continent.
The conference dubbed, African Conference on Debt and Development, AfCoDD III open in Dakar Senegal on August 30 and will end on September 1. The third edition of the conference is been organised by the African Forum and Network on Debt and Development, AFRODAD in partnership with the Trust Africa and their partners.
The conference is holding under the theme, “The 4Rs for African Policymakers: Reimagining, Rethink, Reorganise and Remobilise for an African World Order.” Stakeholders, policymakers, researchers, activists, and concerned citizens are participating in the critical conversation that is geared towards shaping a brighter future for Africa.
Among the several speakers that spoke during the opening, Barbara Khalim-Phiri, Board Chair of AFRODAD said, several countries on the continent have shown signs of wanting to apply for G20 Common Framework.
While underscoring the fact that more African countries are under debt trap, she stated that, Africa’s debt burden is a burden on Africans to pay the price of irresponsible borrowings and equally irresponsible loans.
“Africa is trapped in debt that goes way beyond the contraction of the budgetary margin. It has poor production capacity, rooted in the neoliberal economic order, which blocks any attempt by Africa to transform its economies,” Barbara Khalim-Phiri said.
Besides indicating that the conference was timely and will give experts the opportunity to brainstorm on debt management in Africa, she added that the conference will help gather solutions that will help to reset African economies and pursue economic transformation agenda.
Meanwhile, Sall Ebrimall, Executive Director of Trust Africa pointed out that there is need for African countries to strategise on solutions that will foster economic transformation in the continent.
According to home, him, a number of African countries are in deep debt distress and the need for transformation is urgent for a brighter future.
It was revealed that five African countries, Ghana, Ethiopia, Chad, Zambia and Sri Lanka have officially defaulted on their national debt. However, Zambia has successfully applied for debt restructuring deal under the G20 framework, a deal which is yet to be completed.
AfCoDD III builds on the success of previous editions, setting the stage for an important dialogue that addresses the complexities of Africa’s current debt landscape and the need for a new approach to economic development.
The conference aims to promote innovative ideas and strategies that redefine Africa’s role in the global financial architecture to lead the continent towards a sustainable and equitable future.
According to organisers, discussions during AfCoDD III are centred on how to establish a world order that would be based on the principle of equality and the need to right historical wrongs.
The recommendations will be used to contribute to and influence the Africa Climate Conference titled “Stimulating Green Growth and Climate Finance Solutions for Africa and the World”, scheduled for September 4-6 in Kenya, as well as the IMF and World Bank annual meetings in October from October 9-15 in Marrakesh, Morocco.
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