Dakar, SENEGAL — Trust Africa and the African Forum and Network on Debt and Development (AFRODAD) and partners will be hosting the third edition of African Conference on Debt and Development (AfCoDD III) themed “The 4Rs for Africa Rule-Maker: Reimagining, Rethinking, Reorganising, and Remobilising for an African World Order” in Dakar, Senegal on 30th August to 1st September 2023.
AfCoDD III builds upon the success of its predecessors, 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 foster innovative ideas and strategies that redefine Africa’s role in the global financial architecture to drive the continent towards a sustainable and equitable future. “In this conference we want to highlight that the global financial architecture is biased against countries that borrow because they make borrowing very expensive through the use of very biased methodologies through credit rating agencies and systems”, says Jason Braganza AFRODAD’s Executive Director.
One of the limitations that the continent is faced with is the lack of reimagining how Africa can use its own wealth caused in part to a rigged global architecture as well as weak institutions, weak public debt accountability mechanisms, poor investment choices and endemic corruption which aggravate the challenges posed by ineffective public debt management. Africa’s debt burden is directly becoming a burden on Africans who are having to the pay the price both irresponsible borrowing and equal irresponsible lending. Yet, despite debt burden, institutions like the International Monetary Fund (IMF) continues to provide loans under the guise of “highly concessional” loans to our African governments. For example, the national debt of Senegal was forecast to continuously increase between 2023 and 2028 by in total 8.6 billion U.S. dollars (+36.49 percent). The national debt is estimated to amount to 32.17 billion U.S. dollars in 2028.
Discussions during AfCoDD III will centre on how to establish a global order that would be based on the principle of equality and the need to redress historical wrongs. Recommendations will be used to contribute and influence the Africa climate conference themed ‘Driving Green Growth and Climate Finance Solutions for Africa and the World,scheduled for 4-6 September in Kenya, as well as IMF & World Bank annual meetings in October on 9-15 October in Marrakech, Morrocco.
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*Trust Africa is an organisation that focuses on strengthening democracy and democratic governance, promoting equitable development, and advancing African philanthropy.
*AFRODAD advocates for sustainable sovereign debt through influencing African governments to institute and implement policies and practices for sustainable development and poverty eradication.