Africa must turn its wealth into bargaining power to rewrite global debt rules — Experts
Africa must turn its natural resources, market size and technological capacity into bargaining power to secure a stronger voice in the global financial system, experts said on Wednesday at the sixth African Conference on Debt and Development (AfCoDD VI) in Nairobi, Kenya.
A representative of the African Union Commission, Patrick Olomo, stated that implementing the Common African Position on Debt would require governments to tackle illicit financial flows, weak tax systems, losses from natural resources and high debt-service payments.
Janet Zhou, Executive Director, African Forum and Network on Debt and Development (AFRODAD) Janet Zhou, executive director of the African Forum and Network on Debt and Development (AFRODAD), said Africa’s debt crisis should not be viewed solely through the financial decisions of individual governments.
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