Africa must turn its natural resources, market size and technological capacity into bargaining power to secure a stronger voice in the global financial system, experts said on Wednesday at the sixth African Conference on Debt and Development (AfCoDD VI) in Nairobi, Kenya.
The event was organised by the African Forum and Network on Debt and Development (AFRODAD).
The experts said Africa’s debt burden was not simply a question of how much governments borrow or how they repay their loans. They stated that the problem was also compounded by revenue lost through illicit financial flows, poor returns from natural resources and gaps in the information governments need to negotiate effectively with creditors.
The call comes months after African Union leaders adopted the Common African Position on Debt, which seeks to strengthen Africa’s collective hand in debt negotiations and push for changes to the global financial system.
The issue featured prominently in Nairobi as debt experts, policymakers, civil society organisations and technology specialists examined the factors limiting Africa’s ability to negotiate from a position of strength.
