The Political Economy of Debt in Africa: Critical Propositions to Stop the Bleeding

This article conveys the critical elements of the keynote address delivered by the author at the opening session of the Second African Conference on Debt and Development (Lilongwe, Malawi). It presents four propositions to analyze and tackle the political economy of African external debt in the context of the socio-economic transformation of the continent. It claims that confronting, dismantling and reframing such political economies offer a level of difficulty that perhaps exceeds the challenges faced with respect to the attainment of political independence. The significant role of a collective African leadership in championing the evolution of an African financial architecture is emphasized.