Will ending debt bondage lead to democratic and economic self‐determination for the people of Africa?*

Abstract

The African debt burden has recently dominated the debate about Africa's growth tragedy and has provoked widespread popular outrage against the policies of the Bretton Woods Institutions (BWIs). This article outlines the making of the African debt crisis: it takes western governments to task for piling debts on African states in the pursuit of pernicious foreign and trade policies. Despite high profile BWI debt relief initiatives, Africa is still shackled by debt as debtor states continue to transfer more capital to the rich nations than they receive from them. The author argues that the secrecy surrounding debt negotiations and the great leverage unaccountable BWI bureaucrats exercise on African leaders to adopt unpopular policies has undermined democratic governance. In conclusion, the article advances strategies for debt relief that would foster democracy and policy‐making capacity.