By Joy Baba-Yesufu
Financial experts have said African continent loses $80 billion annually under illicit financial flow, noting that there is the need to restructure the global financial architecture.
They recommended African Central Banks that will allow for inter trade and provide alternative for Africans while stabilizing currencies.
They further said if the African continent does not have enough resources for economies, Africa might not achieve agenda 2063.
This was the crux of conversation at the ongoing 4th edition of the AFRODAD Media Initiative (AFROMedia IV) taking place in Abidjan, capital of Cote D’Ivoire with the theme; “Empowering media towards an impactful African debt campaign”.
AROMedia had journalist drawn from 34 countries across Africa to brainstorm on how best to report African public debt crisis situation.
Speaking at the opening ceremony, AFRODAD policy analyst and advocacy officer, Sovereign Debt Management, (SDM) Shem Joshua Otieneo said when you look at how Africa has been in terms of its availability to bring out resources, you realize that our GDP is below the threshold and there is nothing to give a good picture of how a continent can grow independently to service some of its development agenda.
Otieno said nothing can be achieved when out of ten dollars we collect, seven to eight goes to debt repayment. “We have to have alternative solution that are not fanatical in nature or corrupt” he said.
“Africa has been in debt crisis for long, we have to evaluate some of the initiatives that have been brought out. These initiatives must show need for Africa to grow beyond these common frameworks which some of the countries have been in.
“African debt have increased so much over the last 20 years that we have to beg to speak in global space. I want to ask us as we continue, that the alternative policies that we are giving out should be very practical. We have the right to ask our parliamentarian and the technocrat teams how debts are being used and what are the best alternatives to make sure that debt are reduced to a sustainable threshold”, Otieno said.
Also speaking at the ceremony, senior legal adviser to the Kenyan ministry of information, communications and digital economy Dr. Lyla Latif said journalist must focus on terms and conditions of any loan and borrowing when reporting.
She said most debt contracts laws are one sided which often favors the creditor not the borrower.
Dr. Latif, who is also an advocate of the courts of Kenyan urged journalist to know the purpose for borrowing the money. “it has to be for a useful purpose, look at the procurement process, is the information in the public domain, does your country laws allow it? If you get across to the debt agreement, which terms and conditions will you focus on? Which terms and conditions are necessary to report on and investigate” she said.
