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Author: Gregory Smith
Publisher: Oxford University Press
ISBN: 019764421X
Category : Business & Economics
Languages : en
Pages : 230
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Book Description
Borrowing is a crucial source of financing for governments all over the world. If they get it wrong, then debt crises can bring progress to a halt. But if it's done right, investment happens and conditions improve. African countries are seeking calmer capital, to raise living standards and give their economies a competitive edge. The African debt landscape has changed radically in the first two decades of the twenty-first century. Since the clean slate of extensive debt relief, states have sought new borrowing opportunities from international capital markets and emerging global powers like China. The new debt composition has increased risk, exacerbated by the 2020 coronavirus pandemic: richer countries borrowed at rock-bottom interest rates, while Africa faced an expensive jump in indebtedness. The escalating debt burden has provoked calls by the G20 for suspension of debt payments. But Africa's debt today is highly complex, and owed to a wider range of lenders. A new approach is needed, and could turn crisis into opportunity. Urgent action by both lenders and borrowers can reduce risk, while carefully preserving market access; and smart deployment of private finance can provide the scale of investment needed to achieve development goals and tackle the climate emergency.
Author: Gregory Smith
Publisher: Oxford University Press
ISBN: 019764421X
Category : Business & Economics
Languages : en
Pages : 230
Get Book
Book Description
Borrowing is a crucial source of financing for governments all over the world. If they get it wrong, then debt crises can bring progress to a halt. But if it's done right, investment happens and conditions improve. African countries are seeking calmer capital, to raise living standards and give their economies a competitive edge. The African debt landscape has changed radically in the first two decades of the twenty-first century. Since the clean slate of extensive debt relief, states have sought new borrowing opportunities from international capital markets and emerging global powers like China. The new debt composition has increased risk, exacerbated by the 2020 coronavirus pandemic: richer countries borrowed at rock-bottom interest rates, while Africa faced an expensive jump in indebtedness. The escalating debt burden has provoked calls by the G20 for suspension of debt payments. But Africa's debt today is highly complex, and owed to a wider range of lenders. A new approach is needed, and could turn crisis into opportunity. Urgent action by both lenders and borrowers can reduce risk, while carefully preserving market access; and smart deployment of private finance can provide the scale of investment needed to achieve development goals and tackle the climate emergency.
Author: Léonce Ndikumana
Publisher: Bloomsbury Publishing
ISBN: 1848134606
Category : Social Science
Languages : en
Pages : 152
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Book Description
In Africa's Odious Debts, Boyce and Ndikumana reveal the shocking fact that, contrary to the popular perception of Africa being a drain on the financial resources of the West, the continent is actually a net creditor to the rest of the world. The extent of capital flight from sub-Saharan Africa is remarkable: more than $700 billion in the past four decades. But Africa's foreign assets remain private and hidden, while its foreign debts are public, owed by the people of Africa through their governments. Léonce Ndikumana and James K. Boyce reveal the intimate links between foreign loans and capital flight. Of the money borrowed by African governments in recent decades, more than half departed in the same year, with a significant portion of it winding up in private accounts at the very banks that provided the loans in the first place. Meanwhile, debt-service payments continue to drain scarce resources from Africa, cutting into funds available for public health and other needs. Controversially, the authors argue that African governments should repudiate these 'odious debts' from which their people derived no benefit, and that the international community should assist in this effort. A vital book for anyone interested in Africa, its future and its relationship with the West.
Author: Trevor W. Parfitt
Publisher: Routledge
ISBN: 1136887822
Category : Business & Economics
Languages : en
Pages : 241
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Book Description
Assessing both the macro- and micro-economic levels of the contemporary African Debt Crisis, this book, first published in 1989, begins by looking at the origins of the world debt crisis, and then looks closely at the problem as it affects Sub-Saharan Africa. The effects of debt on Africa’s position in international relations are considered, and the roles played by organisations such as the International Monetary Fund and the World Bank are assessed. The authors also examine the local effects in a series of case studies of various states including Nigeria, Ghana and Sierra Leone, the Francophone States and Zaire.
Author: Bade Onimode
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 228
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Book Description
V. 1. The economic impact -- v. 2. The social and political impact.
Author: William A. Pettigrew
Publisher: UNC Press Books
ISBN: 1469611821
Category : History
Languages : en
Pages : 272
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Book Description
In the years following the Glorious Revolution, independent slave traders challenged the charter of the Royal African Company by asserting their natural rights as Britons to trade freely in enslaved Africans. In this comprehensive history of the rise and fall of the RAC, William A. Pettigrew grounds the transatlantic slave trade in politics, not economic forces, analyzing the ideological arguments of the RAC and its opponents in Parliament and in public debate. Ultimately, Pettigrew powerfully reasons that freedom became the rallying cry for those who wished to participate in the slave trade and therefore bolstered the expansion of the largest intercontinental forced migration in history. Unlike previous histories of the RAC, Pettigrew's study pursues the Company's story beyond the trade's complete deregulation in 1712 to its demise in 1752. Opening the trade led to its escalation, which provided a reliable supply of enslaved Africans to the mainland American colonies, thus playing a critical part in entrenching African slavery as the colonies' preferred solution to the American problem of labor supply.
Author: Trevor W. Parfitt
Publisher: Routledge
ISBN: 1136887814
Category : Business & Economics
Languages : en
Pages : 203
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Book Description
Assessing both the macro- and micro-economic levels of the contemporary African Debt Crisis, this book, first published in 1989, begins by looking at the origins of the world debt crisis, and then looks closely at the problem as it affects Sub-Saharan Africa. The effects of debt on Africa’s position in international relations are considered, and the roles played by organisations such as the International Monetary Fund and the World Bank are assessed. The authors also examine the local effects in a series of case studies of various states including Nigeria, Ghana and Sierra Leone, the Francophone States and Zaire.
Author: Percy S. Mistry
Publisher:
ISBN:
Category : Debt relief
Languages : en
Pages : 92
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Book Description
Author: Percy S. Mistry
Publisher:
ISBN:
Category : Africa, Sub-Saharan
Languages : en
Pages : 76
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Book Description
Author: Professor Léonce Ndikumana
Publisher: Zed Books Ltd.
ISBN: 1780321465
Category : Social Science
Languages : en
Pages : 132
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Book Description
In Africa's Odious Debts, Boyce and Ndikumana reveal the shocking fact that, contrary to the popular perception of Africa being a drain on the financial resources of the West, the continent is actually a net creditor to the rest of the world. The extent of capital flight from sub-Saharan Africa is remarkable: more than $700 billion in the past four decades. But Africa’s foreign assets remain private and hidden, while its foreign debts are public, owed by the people of Africa through their governments. Léonce Ndikumana and James K. Boyce reveal the intimate links between foreign loans and capital flight. Of the money borrowed by African governments in recent decades, more than half departed in the same year, with a significant portion of it winding up in private accounts at the very banks that provided the loans in the first place. Meanwhile, debt-service payments continue to drain scarce resources from Africa, cutting into funds available for public health and other needs. Controversially, the authors argue that African governments should repudiate these ‘odious debts’ from which their people derived no benefit, and that the international community should assist in this effort. A vital book for anyone interested in Africa, its future and its relationship with the West.
Author: Karamo N. M. Sonko
Publisher: University Press of America
ISBN: 9780819193124
Category : Business & Economics
Languages : en
Pages : 244
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Book Description
This book assesses the impact of the African debt crisis on poverty. The author studies the relationship between debt and socio-economic development in Sub-Saharan Africa. Furthermore, Sonko analyzes the impact of debt-induced expenditure adjustments, including budgetary retrenchment in an African economy undergoing structural adjustment. Sustainable, self-reliant development, debt relief, and the redesign of structural adjustment programs to make them less controversial and more effective in Africa are required. The overall analysis is conducted with a view to what the author refers to as the "state of global interconnectedness," implying the need for global economic policy coordination and assistance in finding solutions to Africa's development problems. Contents: The Debt Burden: Trends, Causes and Comparative Analysis; Debt and Development; Debt, Adjustment and Equity; Structural Adjustment Programs: Criticisms, Evolution and Forms for the 1990s; The African Debt Crisis: What Can and Should be Done? Summary and Concluding Remarks; Appendix; Bibliography; Index.
