The rising tide of citizens’ unrest globally, and especially across Africa is a direct result of the crippling debt burden that many countries face, according to Kenyan economist and Executive Director of the African Forum and Network on Debt and Development (AFRODAD), Jason Rosario.
Speaking at the opening ceremony of the 4th Conference on Debt and Development in Maputo, Mozambique, Rosario noted the deepening crisis that is diverting crucial resources away from essential public services.
“The situation is dire, as many countries are prioritizing debt servicing over vital investments in health, education, and other public services,” he noted.
Rosario’s comment comes at a time when over 27 African countries are reportedly allocating more funds to debt servicing than to key sectors like health and education. This, he noted, is leading to widespread dissatisfaction and unrest among citizens who are increasingly frustrated by the lack of investment in their well-being.
“The debt servicing burden is becoming unbearable, and we are witnessing a surge in citizens’ unrest and unhappiness. People are rightly upset that their governments are spending so much on debt repayment while neglecting essential services,” he emphasized. “We’ve seen protests across the continent, and we must address this growing discontent.”
The conference, which is being organized by AFRODAD will run for three days, is particularly significant this year as it focuses on a feminist perspective on public debt, reflecting on the progress of the Maputo Protocol. This agreement, signed by African Union member states, aims to promote gender-related investments in national budgets.
“We’re excited to be in Maputo, a city synonymous with the Maputo Protocol, to discuss how far we’ve come in advancing the status of women in Africa. Women make up more than 50 percent of our population and are crucial contributors to the economic success and transformation of our continent,” Rosario said.
He also stressed the need for African countries to transition from being “rule takers” to “rule makers” in the global financial system.
He said there is a need to fix the system that traps the continent in debt, stressing that citizens deserve to live in dignity, with access to their fundamental human rights and public services.
As the conference progresses, it is expected to promote robust discussions on how Africa can reshape its approach to public debt and ensure that its financial strategies prioritize the well-being of its citizens, particularly women, who are key to the continent’s future prosperity.
“We are extremely excited and pleased to be here in Maputo with our friends and comrades at the Centre for Democracy and Human Rights, hosting this critical event,” Rosario began. “This conference is one of our flagship events, bringing a pan-African perspective to the issues of debt affecting our countries, our continent, and our people.
The conference is being organised in partnership with the Nawi Afrifem Macroeconomic Collective (Nawi), the Centre for Democracy and Human Rights (CDD), and the Stop the Bleeding Campaign (STBC).
