Today, Africa owes about 80% her total external debt to Western Countries and their Institutions with only about 20% of this debt owing to China (According to International Debt Statistics 2019 pushed by the World Bank Groups).
In spite of the differences in the value of debt owed by Africa to these two blocs, one can easily see in evidence, the spreading of Chinese infrastructure and developmental projects in all comers of Africa. Can same be observed from the 80% debt owed by Africa to the other bloc? Certainly, no!
For about 60 years of independence, Africa has created tolls of financial burdens at the back of her present and unborn children. This has been achieved, largely, through the accessing of unreasonable loans from the West. Sadly, the Western creditors normally do not offer to Africa, loans that are meant to support projects which can translate into real developments to improve the lives of the masses of the African people. Instead, they often times offer these loans to support projects which are meant to provide comforts for their ‘political representative-class’ who are supporting them to rape Africa. By doing so, they ensure that the African political class can stay in comfort without hearing the cries of the suffering masses.
One may reasonably ask; how can a loan giving to Africa to finance committee sittings; to embark on foreign trips; and to organize capacity building among the political class become beneficial to the ordinary citizen of Africa? But, the reality is that, those were the areas where most of these huge financial burdens which Africa has on her neck today ware channeled to!
Africa was made to become a continent where monies were printed in Europe and America and send to feed the political class without translating these monies into real values in the continent’s economy. In return, the continent is plugged into a debtor’s field where resources and values are plucked by outsiders without any control by the true children of the continent.
Today, China has entered the field and has broken the monopoly of the Western exploitation on the continent. China has also presented itself as a relatively attractive exploiter; contrary, China provides loans at a relatively low-interest rate, longer repayment periods, and ultimately, to support physical development on the African continent.
This obviously is seen as a serious threat to those who have been raping the African continent for centuries. As usual, they have resorted to their usual media propaganda to present China as a monster in the eyes of the African whereas they remain the senior monster to the African progress.
Considering the true value of the various resources own by Africa, I am one of those who believe that Africa does not have to become a debtor but rather, a creditor and a noble supporter of the global economy. However, we may be fooling ourselves by falling for Western Propaganda to demonize China, while we continue to keep the senior oppressor and exploiter. China’s exploitation is bad for Africa and Africa’s future; however, it is obviously better than Western capitalists’ exploitation.
What we have to know is that our economic development and freedom solely depend on us, and neither the East nor the West has interest in our true progress but, rather, to exploit us to satisfy their own interests.
My name is Kwadwo Agyei Yeboah, you can always connect with me on Facebook to talk about Africa!