In view of mismanagement of
The cost of the foreign debt payments to the African citizens is not a child’s play. The funds that would have been used to upgrade the health care system and quality of education were diverted to debt servicing and payments. African children are paying the price for debt servicing.
These debts are owed to industrialized nations. African governments have been unable to meet up with their financial obligations and have resorted to continuous rescheduling of the loan payments as regulated by International Financial Institutions and their agents, such as IMF, London Club,
As years progress, so also the burden of the debt widens. However, all the stakeholders fully take cognizance of the fact that these loans seem impossible to be liquidated with ease.
So many figures have been thrown around, but the most recent data stated that
To buttress the level of poverty in Africa, out of the 41 nations identified as Heavily Indebted Poor Countries (HIPC) according to World Bank, 33 of those nations are from
Below are the intrinsic reasons why APRIPOL subscribe to debt cancellation for Africa, which must go forward without much ado or conundrum:
1. Mutual Benefit:
2. Global Stability: A healthy and wealthy
3. Social Security and Freedom: Actually, the brunt of the debt payments mostly rests on children and women and not on African leaders. Those who absorb the agonizing pains are the poor masses. For them, there is no job; no food; no shelter. The leaders hide under the guise of being incapacitated because of foreign debt payment obligations, to shy away from their responsibilities and they allow the masses to wallow in abject poverty while they themselves live flamboyantly and affluently. Therefore the debt cancellation at least, if judiciously managed will affect the poor positively, when such funds are channeled to areas that will make life worth living.
4. Non Restrictions on Economic Policies: The truth is that as a result of these foreign debts, the West directly or indirectly dictates
5. A Clean Slate /Economic Freedom: What
6.
7. Principal Loan Accomplishment: The actual principal borrowed had been paid. The problem now is the accumulated interest over the years and it is still going up. It is point clear now that
8. State of
9. Promotion of Democracy: A political paradigm based on fairness and equality with broad-based representatives known as Democracy cannot survive on an empty stomach. Democratic system of government is quite expensive to operate. For democracy to have a true light of the day in
10. Reinforcement of Economic Capitalism: For Adam Smith’s concept of free enterprise to take hold in
Africa Political and
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