NACI Appreciates Russia’s Debt Cancellation For Africa

In a world that is prone to violence, political instability, degradation and dehumanization, Africa should not be left alone to bear the costs of environmental disasters, pandemics and other unimaginable crisis. Of course the international community owes it a duty and responsibility to help Africa disentangled itself from the debilitating impacts of bad governance, poverty, violence, wars, economic instability and climate crisis.

Since its inception in 2023, the New African Charter International (NACI) has been advocating for creditor nations and multilateral institutions to consider debt cancellation for Africa. To NACI, debt cancellation for Africa would mean enabling the continent to achieve development, economic stability and sustaining the environment. It would mean also a reaffirmation of commitment towards fostering social cohesion and political stability across Africa.

Africa is currently trapped under a mountainous debts crisis that creates economic hardships, impoverishment for African people and alarming rise in Africa’s public debt, which includes both external and domestic liabilities. The call for debt cancellation for Africa is imperative, as the continent commits over a third of annual national budgets to service debts, with only little or nothing left significant to invest on essential social and economic programmes. The truth of the matter is that debt servicing in the case of Africa, is creating artificial barriers that militate against investing in essential public services, such as health, education, housing, roads, employment opportunities, sustainable environment and food security.

Through this statement, the New African Charter International calls on both multilateral institutions and other bilateral creditors to follow the Russian approach in the New Africa by helping ease, and not to aggravate the abject poverty in the continent. Russia has taken the lead by cancelling twenty-three billion dollars of debts owed to it by African countries. Besides this, of late Russia has also offered five hundred and fifty-eight million dollars ($558 Million) Debt Relief to 6 poor countries in Africa,

There are also other development activities Russia is currently working on the continent to ease the suffering of the African people. The corporate media is only concerned with reporting about the so-called threats faced by puppets leaders in Africa, and not about the plight of more than one billion of impoverished Africans across the continent.

Debt burden in Africa is no more news. Africans have learned a lot about debt in the last six decades of independence. We have learned about getting into debt and servicing that debts. We have learned also how to avoid debt when we can; to reduce debt when we cannot; and to service debt when we cannot manage it.

It is no more a secret that debt in Africa, like in any other highly indebted poor countries, is heavily heaped like Mount Everest. The major problem associated with this is that, African debt is going the wrong path, while the continent still struggling to find money to pay for the generous agenda put forward by creditor nations and multilateral institutions, without accumulating more debts. Servicing debt is good because one would be promoted with accolades like fastest growing economy. Some leaders in Africa may even organized flamboyant parties and dinners to appreciate those accolades. But unfortunately, it won’t be too long again when the same debt will resurface, except this time it would come with even higher interest rates. The result is that more family would have to sacrifice to make ends meet. This, unfortunately, cannot be an option for sustainable development in the New Africa.

In our view, debt cancellation should be clearly hearted and made to allow governments in Africa divert their meager resources to invest on agriculture and food security, social services, all-round development and sustainability of the environment. African leaders are epileptic when it comes to the management of the continent’s rich mineral wealth and abundant natural resources, and distributing these endowments for the benefits of the people.

The mass of the African people are impoverished, but are resilient. We believe the road to recovery in Africa lies on the willingness of multilateral institutions and other bilateral creditors to cancel debts owed to them by African governments and leaders, so that the continent can break away from this tragedy and create a brighter future for our children and grandchildren.

With the above, we, at the New African Charter International would like to express many thanks to the Government and people of Russia for their ongoing support for political stability, peace and development in Africa. In particular, we want to thank the Russian President Vladimir Putin and appreciate him for what he is doing to bail Africa from the yoke of neo-colonialism, retrogression and underdevelopment. We would also like to thank the members of the Russian Parliament in the biggest way for their remarkable contribution to debt relief to Africa.

Russia debt cancellation to Africa is sure a blessing and came when we really need it. May God richly bless President Putin, his government and people of Russia!

Signed:
Alimamy Bakarr Sankoh
President and co-founder
The New African Charter International (NACI), and
Sahel Solidarity Campaign Network (SaS-CaN)

© Scoop Media