What was initially planned as Dr. Fanwell Kenala Bokosi's meeting at one of AFRODAD’s financial partners, Bread for the World, to share more about AFRODAD’s work with the Africa department, evolved into something bigger.
Fanwell shared on debt issue with the BftW team but he also got an opportunity to be interviewed on Deutsche Welle Radio and DW TV with a viewership beyond six millions. In the must watch interview, Fanwell indeed confirmed that Africa is threatened by another debt crisis. He gave some examples of countries have that have overly borrowed in the recent past including some who are already defaulting on repayment. He classified them in 3 categories, comparing 2010 and 2017:
- Debt increase over 200%: Ethiopia, Uganda, Rwanda and Cameroon;
- Increase for over 140%: Liberia, Kenya and Ghana;
- Countries missing on either debt restructuring or defaulting on repayment: Zambia, Mozambique and Chad.
Strategies to address the looming debt crisis as Dr. Fanwell advised during the interview include responsible borrowing and responsible lending; Civil society organizations to hold both lenders and borrowers accountable; supporting the debt workout mechanism with sufficient details provided in the interview. He touched on the HIPC solution which gave relief to African countries to finance other citizens’ need but he cautioned that the solution that worked two decades ago may not be efficient to solve the current looming crisis.
Don’t miss the full interview!