The Need for a Paradigm Shift in Debt

Mvemba is joined by David McNair, Executive Director for Global Policy at The ONE Campaign, W. Gyude Moore, Senior Policy Fellow at the Center for Global Development, and Savior Mwambwa, Senior Advisor at Open Society Foundations to discuss the state of indebtedness in Africa. They review the reasons why some African countries are defaulting on debt repayment and why others have chosen to prioritize debt servicing over the provision of public goods. The discussion highlights the systemic injustice of the excessive cost of debt whereby African countries pay more than their rich counterparts. They propose the restructuring of the international financial system to reduce the cost of borrowing and help mitigate the economic fragility that affects developing nations. They encourage African countries to speak in one voice to increase their leverage as rule-makers.