Is Africa Stuck in a Debt Trap?
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- Опубликовано: 8 май 2024
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Economies around the world are struggling with high inflation and interest rates, and while there has been some relief in Europe and the US, in much of the developing world, especially in Africa, the economic instability seems to have taken a more permanent toll. In this video, we take a look at Africa's on-going debt crisis, why it could get worse, and why it's yet another point of tension between China and the West.
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1 - kenopalo.substack.com/p/afric...
2 - www.bloomberg.com/opinion/fea...
3 - adf-magazine.com/2024/02/as-c...
4 - www.reuters.com/markets/devel...
5 - www.crisisgroup.org/middle-ea...
6 - www.crisisgroup.org/middle-ea...
7 - kenopalo.substack.com/p/is-th...
8 - www.treasury.go.ke/wp-content...
9 - www.bloomberg.com/opinion/fea...
10 - www.bloomberg.com/news/articl...
11 - kenopalo.substack.com/p/afric...
12 - kenopalo.substack.com/p/is-th...
00:00 - Introduction
01:12 - Disclaimer
01:48 - African Debt Crisis Explained
04:49 - Creditor Disagreements
07:26 - Sponsored Content
![Stray Kids [INTRO "Lose My Breath (Feat. Charlie Puth)"]](http://i.ytimg.com/vi/udz0a5Wecxk/mqdefault.jpg)
Those notification sounds are killing me, even though I'm not even using an Apple
Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult
People dont understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments dont match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things
Brian demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
I'm surprised that you just mentioned and recommend Mr Brian Nelson. I met him at a conference in 2018 and we have been working together ever since.
Given how the entire world trade is based on managing debt and almost everyone even western countries are borderline on recession it makes sense the weaker economies are suffering the most
They're always getting screwed the most. Global economic boom => excess money gets invested in foreign countries. A recession => foreign money leaves. And given that foreign money usually doesn't prioritize long term benefits for that foreign country it's usually not structured in a beneficial way (like China bringing in their own labor force instead of hiring locals)
Siding with China and the West isn’t helping at all either. The West is already losing interest and China’s only going to reinforce Africa’s autocratic side, so it won’t be fair on their people.
Stress and anxiety alert ⚠️
Time out
Some ones Bank of America payment is due.
That's intentional in the video 👆🤓
@@TaxEvasionUS😂 ye
That’s the joke. At one point it says “2 billion payment is fuel
I thought I had received a text from Bank of America. I was worried for a second.😅
Wait, are people actually think that's a real notification and not a joke?
Love you guys. Just a note: dont put ios ring sounds plz... im only listening to the vid and im constaly looking at my phone seeing why someone messaging me! driving me crazy so much i had to see if its the video. Just using a generic sound pls ahahahahhaha
That's on youtube not on TL;DR.
maybe the notifications are real, you should check them
@@notbfg9000please explain your well-thought-through observation
@@notbfg9000 he meant the sfx at 2:32, not the youtube app sending notifs.
and i agree, whenever a video has actual sms rings, discord pings, or (worst of all) alarms, at best it makes me pause and check those weren't actual notifications, or at worse, vietnam ptsd from years of waking up to work to that noise.
@@MemekingJag Ah, the thingy. I don't use crApple so I thought that's just some sound. I do get the feeling, when people put Discord pings in videos it's super weird. Btw pfp is from Last Exile, right?
A bunch of clips in this video of people protesting were from Nigeria. Nigeria wasn't mentioned and wasn't highlighted at being at risk of default. Also the thumbnail not highlighting Tunisia or Egypt when both were highlighted in the video of being at risk of default.
Yep. Which completely counters the whole disclaimer at the beginning. Apparently black people protesting serves the story regardless.
Funny thing is those protests in Nigeria were for something completely unrelated lol, Nigerias economy is trash but they ain’t suffering from debt at least 😂
black people = africa.
Stock footage is the lazy way to make a point
I'm from Tunisia and we're not really in any risk of defaulting since we payed 90% last year and this year
as long as mismanagement continues the spiral will continue
The legacy of colonialism still felt
@@wile123456yeah no it can’t just be bc of corrupt leadership and entrapment loans from china. nooooo it must colonialism…
Ya, f*ck that!! Lots of places were colonized and are doing just fine today. Colonization is nothing more than an excuse.@@wile123456
@@wile123456 They somehow don't seem to feel that legacy as much in Asia though...
@@jdjphotographynlbecause they never had successful communism.
You checked your phone too. Don't lie.
Several times
I did.
Pissed me off tbh
No i am not an iphone user😂
😂😂
great stuff
In the words of Michael Che: “I don’t owe China sh**”.
Its so sad to hear this more if you are Coming from Zambia, where I'm now
Stay strong
good luck bro
The sad thing is that this isn’t new. Older viewers will remember the 1990s “Drop the debt” campaign led by Oxfam et al, leading to some $76 billion being written off in about 2003. Unfortunately, with a few honourable exceptions, this led to a mass of new borrowing (“Africa Rising”, remember?) and now we are back exactly where we were a generation ago. I fear that if Africa is bailed out again now we will be back here in in the 2050s. Countries that demand to be treated as equals must be treated as equals, and not get special treatment.
africa will not be bailed out again
Well the continent is so much more developed that any bailouts will split on political lines, so it will be different for each country
Foreign powers keep extracting resources from Africa for too cheap. This debt forgiveness is just to keep the governments running that allowed that
Lmao the fake saviour complex 😂😂
Debt isnt forgiven its restructured.
@@skp8748 Often times when debt is restructured, that just means it's forgiven with some conditions. Liquidating assets because of defaults is pretty rare in Africa, at least in the past 50-ish years.
This is likely to change soon, because the West and China don't have enough money to keep lending with high risks.
So happy Botswana is going to be okay!
Botswana needs access to ports. And a more diversified economy. Without either it'll plateau eventually.
@@ArawnOfAnnwn Bro they're landlocked, and they have diamonds
@@etrnl_t Yes, that's why I said they need access to ports. They'll have to work something out with their neighbours, like Ethiopia did recently with Somaliland. And basing your economy on one commodity isn't a sustainable way to grow. Diamonds are especially bad, as we can make them synthetically.
@@ArawnOfAnnwn True, but they have a special deal with Debeers, and they have friendly relations with their neighbors. I'm pretty sure they have sufficient port access.
💎 are flown not shipped
Really love and appreciate that disclaimer!
The size of the recently agreed IMF loan with Egypt is 8 billion, not 3 billion
Notice how no one ever talks about democracy, lgbt, human rights or economic turmoil when it comes to egypt 😂😂
No US president calls Sisi a dictator, the EU doesnt call for judicial due process of the thousands of political prisoners and theyre not called out for supporting warlord Haftar against the UN govt of libya.
But 100 articles, op eds and video essays about Turkey 😂
@@skp8748nobody attacked turkey, they attacked Erdogan because many journalists are on the payroll of the gulf countries who dont like Erdogan behaving like the ruler of the Sunni world.
@@nuam9906lol just the UAE. Turkey has supported Libya, Somalia and other Muslim African countries... the UAE has funded war in Libya, Yemen, Sudan and Somalia.
@@shafsteryellow no such thing as 'support' in geopolitics, is about power and control, Erdogan would have never wasted money and military resources 'to help'. He wants to rebuild control over the arab world ottoman-style and the gulf is protesting. You complain abiut the UAE because thats what you know publicly, but Saudi Arabia have been spending at least 50x more than the UAE. After Sadam Hussein was overthrown, the biggest benefeciaries were the gulf states, to this day they share control over Iraq with Iran.
@@nuam9906 help is a two way street. You help in order to be helped. Has nothing to do with ottomans. Gulf states run dictatorships and their people have no ability to shape policy. Turkey took in millions of Syrians did the gulf countries? Turkey supported the UN govt in Libya did the gulf?
And no it's the UAE specifically MBZ.
yeah please don't use the notification sound again
Don't use ios then
That's so sad for the African people. They are suffering from this economic mismanagement by their government.
Is africa a country?
Whos the president of africa 😂
Africa has constant civil war coup problem
Is africa a country
Yes I also like to check my phone every few minutes while listening to news
You didn’t mention $50bn in int’l flows (70% FDI) into Egypt even though this is now weeks old, and this video is posted today.
Remember that meme
"China gives us loan, while Western gives us lecture"?
Just go take more loan from China. 😏
If you were to add things up, you will see that China control more African territories and resources than the British and French empires combined. Sh1t is wild over there, I dont understand how the Africans fell for this. They really believed chinaman had other interesets other than money 😂😂😂😂
I was like when did I turn my notification sound on.
Debt to gdp ratio of 70%? Sounds good from a British perspective. 😅
Or to greeks
It's all so tiresome.
"When a Congolese drives he does alot of damage"
Very much 😢
Kenya is soon to default
didn't Somalia get pardoned and got its arms embargo lifted
Yep Somalias debt to gdp is 0.6% whereas Venezuela is like 240%, Greece 150%, india 82% and kenya 70%
@@skp8748😮😮😮
As Christopher Hitchens once said "turn off that fucking cellphone, you have no idea how unimportant your message really is."
its part of the video
Love your stuff, but this was a bit Bush League.
No economist in the US is expecting rates to drop soon. Powell even said not to expect them to drop. Pretty big and basic thing you guys completely missed.
Whose bright idea was it to put notifications sounds in this
Love the alert sounds. Keeps me from spacing out and feels interactive
Those dings kept making me check my WhatsApp over watching the video
Two minor points of feedback:
- the notification sounds are honestly extremely annoying, please don't :)
- it's remarkable how often you use "anyway" to continue your story, which is honestly a bit amateurish and also makes it seem like what you just said doesn't actually matter
Video forgot to mention that the "rising interest rates" should be called US interest rates, and all the pain now are an almost direct result of USD denominated debt and how America' gaming of the USD is wreaking it for everyone. US mismanagement and money printing is now dragging everyone down
Don't blame the Americans when you're the ones who took out debt you couldn't pay back. You couldn't pay back even if the Americans weren't playing with interest rates
@@SelfProclaimedEmperor well the Americans suddenly raised the interests rates from 0%. So if your bank suddenly raise your commitment to 7-10% , would you be able to cope? esp when you are already poor and economy is bad for "menu" people . Don't need to look far, a perfect a analogy is just look at American Joe and Janes struggling paycheck to paycheck. USA and Europe should take a lot of blame. They created the s
preconditions for the dismal global outlook today by wantonly printing money. Now that the chickens have come back to haunt them, they took the easy way out by gaming the monetary system for their own gains. And they have the galls to call out Africans who are getting the short end of the American stick? The global South is on the menu, American rate rise only seems to benefit this on the American table. Just reference the red hot American stock market fat cats, and contrast this to struggling blue and white collar American workers
@@SelfProclaimedEmperor you dont know what youre tslking about
@@skp8748 you people can never pay back debt no matter what happens
Having control over your currency is not the same as gaming the USD. When you take on debt you pay back, it's as simple as that.
We stopped slavery and traded it for economic exploitation....
Us lending Africa money is like a bank giving a loan to someone you know is terrible with money so they rack up debt.
I mean china is giving more loans to Africa than US, and at much higher interest rates and worse terms
@@SelfProclaimedEmperor not true
Its not about lending its about the explorative unequal exchange FORCED on african countries
@@shafsteryellow it is true, china loans are 30% of Africa loans while imf is only 25%. China loans are 4% interest vs 2% with imf
@@shafsteryellow no one forced anything, if Africa cannot pay its loans, stop borrowing money and get to work
It would be interesting to list the loan volumes to Western World, China and Others. It is said, that most african states can never pay back the loans given from China. But China has still solved it. Africa has to pay with their ore etc. property for defaulting loans. It is the well known Debt Trap policy of China, which even is attempted in Europe: China offered to build the Tallin - Helsinki Tunnel for 20 Billion Euros. But this loan should be saved with property rights on entire Finnish ore etc. properties. But this EU nation Finnland is urgendly required to keep their ore for EU industries instead of throw it away to China to get an unnecessary luxury Tunnel. Similar with the luxury Highway build in Montenegro. So the theme African Debt Crisis gives much more discussion and presentation stuff, than given in this video.
Chinese debt isn't the problem, private debt is. Heavily indebted countries can't get loans from any govt., including China. So they have to sell bonds to the private bond market (which is mostly western btw). Those come with exorbitant interest rates and shorted repayment periods. In Sri Lanka for example, China accounts for only about 10% of the debts, similar to Japan. But the private sector accounts for nearly HALF their debts. And these private creditors are very loath to forgive or restructure debt.
Unlike China, the IMF gives free money!
Nah! That was propaganda created by the west to try and reduce Chinese influence on the continent. The truth is that the debt owed by most African countries to the west is significantly larger than that owed to China., the difference is not even close. It is only that a headline such as 'Kenya receives a loan from the IMF" is not likely to generate as much attention as "Kenya receives a railway line funded by China."
😂 you know nothing
I love how TLDR completely absolves the west of any responsibility of Africa's crises by omitting key historical events instigated by the west🤣
3:44 Personally I wouldn't worry about the bond payments due in 3035, I know they say think long term but that's a bit extreme 😂
3:38 Why is 2035 censored lol
Quick fix, they wrote 3035 🙃
It's all vibes here 😂🔥💯😂
No it's not
4:56 Minecraft metals lol
I feel like it's mostly due to the high rates paid on us bonds. In the past I would get less than 2% yeald on bonds, so foreign bonds looked appealing. Today I can get almost 6% on us bonds, so why would I put my money into a higher risk country? They better offer a very high rate to compensate for the risk, maybe 8%, 10%+
Why can't they keep borrowing from China?
Don't accept credit.
Well run South Africa had relatively low debt.
We are not as bad the others but we are not well run😂
Why are countries in crisis put under austerity measures? Isn't that exactly the opposite what a country actually needs?
Keyna seeking support with a Debt/GDP of 70%... how does that reflect on European countries with Debt/GDP rates of over 100%?
European countries are developed and don't have basic needs being a dire concern. Even if countries like germany fall into recession there won't be serious issues unlike Kenya where Food/Water/electricty are a problem
European countries pay a lower interest rate on their debt.
European countries usually don't have problem paying debt on time, even if debt is higher.
In Europe, in the country where I live, the state rarely borrows from banks, mostly from its own citizens. The state pays interest to the citizens and the citizens spend in the state... The question is why African countries do not borrow from their citizens who have money so that the money stays in the state. In such cases, the amount of the debt does not even matter. The same is happening with Japan
For example, the bank gives 1% for a bank deposit. The state gives 3.5%. People are willing to give money to the state because the state gives more and by definition the state is a safer debtor than the bank. The state, even when it goes bankrupt, always has something to sell to repay the debt.
The notification sounds are really annoying. Please don't put any phone notification sounds, alarms, emergency sirens, etc into your videos
The UN should seek to establish standards for multi-creditor defaults
Infrastructure has been great for Africa. Unfortunately, it's very expensive and can leave you saddled in debt.
Three letters: IMF😏
Just add all Africa's debt to the U.S , pay there's off and only add relatively small amount to ours . We will never pay ours off doesn't matter
I love the logic😂
A world of debt?
I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.
yeah investment is the key to sustaining your financial longevity but venturing into any legitimate Investment without a proper guidance of an expert can lead to a great loss too
Hello, I’m 37 and I am not worth much yet , please help me out. Bought my first house last month and I can't seem to make any other smart investment.
wanted to trade, but I got discouraged with the market price fluctuations
Can you recommend a guide for me?
Haven't you heard of Expert Chrissy Barymoer ?He gives excellent guide on the right stock with high dividend
More on African politics / economics please 👍
You don't need to believe what I say. All roads (defaults) lead to the USA. Just ask chatgpt this. ""**Interest rates** play a crucial role in shaping the global economy. How the rise in **U.S. interest rates** impact the world economies?
If Nigeria and South Africa aren’t in big debt they need to get their governance in order, fix their countries and invest in the ones around them to fix the continent
China: my property is here now.
Cancel notifications please
Egypt will never collapse. We are with it, especially the Gulf countries. Last month, twenty billion were pumped into Egyptian banks
Egypt will never collapse but Egyptians will . Your currency is in a free fall
Being in debt for something so fake with no value.
Somalia’s gdp to debt ratio is 6% why is the map making it look bad in Somalia ?
its a good thing their citizens have Europe and to run to when the debt collectors come to beat them door to door for debt default.
Ummmmnnn. It's not so simple.
Japan is highly develop and yet has a public debt to gdp of 263%, the US debt to gdp is 130% and is flying off the handle. It will reach at lest 150% by the end of the next legislature (regardless of who wins)...
Yet people are overly concerned with Africa's debts... Africa has countless unexploded resources and underdeveloped economies that have the potential to grow above 10% per year with a growing population and fast urbanization... I'm not worried about Africa.
The USA governments has $35 trillion of debt.
The west will always view Africa as one country. So ignorant.
One mine
Maybe we should build with the things we've built rather than debt? Might make us more credit worthy in times of crisis and resilient to boom-bust cycles if we paced ourselves with the power of economic reality. That goes for the west even moreso than African countries.
Does help that Africa is also so corrupt. Just look at ANC.
Ironically enough, the ANC is an amateur in corruption compared to most other African states
Well his first statements were incorrect Europe and especially the US seem to be going in the direction of increasing the interest rates. First comments didn’t age well lol
lol I remember when America was warning them about the Chinese, they said America and the West was “jealous”. I swear I can’t make that up smh
A lot of the loans from America and the West had due diligence and strict requirements, corrupt African governments did not like this and when China came with less stringent requirements they all ran to China and now that China is cutting back, we are seeing things like this.
And what exactly did the west do to improve their situation? Lmao. No wonder they run towards China.
Uganda has a low debt, we really don’t like owing much money to anyone. Covid really stretches all of the EA thin. That’s why those numbers are kinda up but not that bad
Is the whole world in debt?
yeah, becomes the world monetary system is horrendous. Some countries just point fingers at others, but every government on the planet seems to be at fault for poor management.
Which should tell you that Africa's core problem is a different one.
Global debt is around $305 trillion
Yes. Nature will soon "put the world in Chapter 7 Bankruptcy."
@@everypitchcounts4875 True, but global asset value is estimated to be over 1k trillion, so the debt is only a third of the asset value.
Does Africa ever get a break?
no, it will never get a break as long as the african youth keep these corrupt coward politicians *alive*
One issues USA printed money make inflation to slow down higher interest but cost nation use currency trade . Simple if wanted resources buy 💲 before get down side devalue own currency harder to save, develop, payment loans all for that pay 💲 didenomination
Just because something is a common practice doesn't mean it isn't fiscally irresponsible. Considering every central government is fiscally irresponsible and that needs to change, not emulated.
I often see many people blame only the "mismanagement" of these african countries for their economic situation, but that's not the whole story.
When many african countries got their indipendence, they did manage to start developing their economies through protectionism and subsidies to start building their production base and consumer base. But when war broke out between Israel and its arab neighbors the oil prices (from which most energy was produced) rose and african countries had to find more capital to cover the new costs. When they took loans from the IMF and others they were forced to enact economic changes to cut public spending and open up their markets to imports. Since the economy in this countries wasn't as developed, imported goods were way cheaper and suffocated their developing production sector, leaving many unemployed and without state help, worsening the situation.
Many blame "mismanagement" only on the people of these countries, but ignore how much they are still influenced by foreign actors in their decisions and policies. All of this without even mentioning the dictatorships that were supported by the US or ex colonialist powers like France.
Everyone has problems you know.... Literally every country on that planet has problems and crisis that occurs and has to manage those.... What do you think life is easy? Do you think China didn't have problems? Korea? Ecc ecc
Always excuses for the same things others have to deal with too.
The way you go out of those and manage crisis tell if you are competent.
The IMF forces policy that is designed to ensure failure & western dependence.
@@Jay...777😂😂😂no one force you to take money. 🤡🤡🤡🤡🤡
We are tired of incompetents always finding ways to blame others.
It’s weird how you failed to mention the disastrous dictatorships supported by the Soviet Union and its allies.
@@Mark-gd2tiit's easy to talk that way when your ancestors handed you the top position, you'll never know what it's like building a nation from scratch and having much more powerful nations infiltrate and destroy the little progress you have from the inside.
What do you know about nation building ?, you never hear indians and chinese who actually built their economies from scratch talk this way.
It's always entitled westerners who rely on endless wars and tons of debt to maintain their standard of living who preach about "hard work" 😒.
Stop doing that close up thing at the middle point of sentences. We’re not idiots.
Lol, the disclamers were kinda funny. Yeah, we all know "Africa" is not one homogenous nation or country but continent with various cultures. Same like "Europe", "America" or "Asia". But nobody bothers with disclamers around those, for some reason everybody understands its just term used do describe wide area.
Americans think Africa is one country, And Afrocentrics think everyone is the same color as them and everyone who isn't is an invader and think they are the cradle of civilization like Africa and was prosperous cuz of them , they think cuz of them Africa was like Wakanda
Remember, this video is supposed to be news, so it is supposed to be accessible to everybody
including Americans
Well Americans think Africa is one country, and African centrics think everyone there looks like them and they have very unsavory opinion about those who don't, let's just leave it at that....., and they think that place was some sort of Wakanda utopia before Europeans came
@@Pinkhairedkilla Literally no one says this. People only have issues with *others who don't look like them* due to those people oppressing's them, Just how Palestinians hate Israel for subjugating them in their own land Or British enforcing their rule on Irish people on their own island. * Wakanda utopia before Europeans came* Given almost every region on earth that has fully been underneath european rule has not recovered It's valid really. East Asia is lucky they had Japan their own Imperial super power who didn't do their absolute best to destroy native life and create artificial borders that only ensure war/chaos and preputial ethnic violence
@@kagnetix6674 Ain't no way you are defending Afrocentric 💀 , bro I'm from Algeria, the things I have seen Afrocentric say about us North africans puts Marine Le pen and Eric zemmour to shame. And the silly things they say lmao, like about how Cleopatra is one of them lmao
The bill always comes due...
Kenya issued a $2b bond and they have been paying $100m for the past ten years ...that's already $1b paid in interest and they still have to pay the original 2b...wtf...in total $3b....
Am Kenyan, and the question is, who tf agreed to such a deal?😂
@@invincirickcorrupted politicians?
That is a 5% bond coupon. Not low but hardly unthinkably high. US 10 year Treasuries in 2014 had yields of around 2.5%.
Any amount of borrowing is good when you are a corrupt politician that can steal 10% to 30% and have the taxpayers pay the debt and interest instead of yourself. 😢😢😢
It happens everywhere in Africa.
Only country that has managed to eliminate corruption is Botswana as they didn't pick socialists or tribal leaders, also Botswana ended the colonial period with good relationship with the west so they kept the trade and businesses going.
South Africa had almost no corruption before 1998s but that has changed with later ANC party rule.
For my mortgage for each pound I borrow, I have to pay back £3.?? over 25 years. This is just how long-term borrowing works.
Also, for each pound I borrow could be worth £10 at the end. This is what good borrowing does. 😀
Can’t imagine it’s easy dealing with both Western economic imperialism and Chinese debt trap diplomacy at the same time😂…
Post imperialism
Yes and it's not anybody else fault but Africa.
Imf , world Bank starts to sweat.
@@ibrahimbello5546 you mean the same IMF that loans these countries billions in interest free loans and has written off many of the loans because these nations often fail to pay them back? That IMF?
@@stussymishkawhat's the collateral if they don't pay ?. Ah yes they have to sell their resources , Haiti had to pay France billions for their freedom , the west is cancer .
Afghanistan
India
Iraq
Libya
Vietnam
Africa
All destroyed by the west, 😢😢😢 so sad.
@@stussymishkainterest free 😂😂😂
@@belloibrahim2064 Sylvanus Olympioa trained economist and international businessman was leader of Togo. France requested a payment of 800 million francs from the tiny West African colony with meager earnings as the cost of France’s colonial administration. Olympio quickly understood the game. There is no absolute independence with the “debt trap,” and he promptly went to work for two years by putting Togo’s land and human resources to work in order to come up with the funds to pay France. Yet this was not enough for france who refused to halt their subjugation of his people.
Two days before Olympio was due in Paris at the Bank of France to sign the withdrawal agreement of Togo from the CFA francs currency, France, with the help of the U.S., ordered his assassination
Wait.... Didn't the Ukraine war increased the African food prices? You guys said this at least 5 times last year 🤔
What a pity for those countries. And that despite billions of governement aid from the West in the past decades on top of their own borrowing, and despite the aid poured in by countless charities from the West. Therefore I can understand the sentiment of many people, who are tired of the development aid (we still continue donating to a few charities we support, but we are feeling tired too).
I like how you are positioning yourself as the savoir. May your mercy enable the 1.2billion Africans live to survive another day, may we build churches, temples of worship and make sacrifices for you, oh redeemer, our precious saviour from the west. Ata ukitaka tutapea nchi zingine jina lako.
M. SSlaia, le roi D'Afrique.
@@arnoldmbuthia2687I don't see myself as a saviour. I once worked in a charity in Indonesia myself, so I know the impact of it. Therefore the sadder it is to know, that despite of the billions lives are not much better than we expect.
Aid and loans from the west are bribes to keep african commodities cheap and it’s people poor. It’s by design.
They took bars of gold and returned coins of copper. That being said, developmental aid is ridiculously powerful, even for the countries giving the aid. We can't forget the strings attached with the aid, which still gives the West some leverage. It does seem like Africa is getting better over time, even if there are some slight hiccups. Considering how important Africa was in the development of the West and even the Middle East, we can only hope they will use the resources for themselves. They have been doing so, but I hope it continues.
Just listening to the intro, it's like deja vu all over again (an old joke for you youngsters out there).
African debt, and the debt of underdeveloped countries in general, has been a problem for decades. So has the political instability. The two go hand in hand. Moves by NGOs advocating the forgiveness of African debt have been around since the last millennium.
Please dont use notification sounds anymore.
please stop using the iOS alerts in your videos its distracting and also mistaken with my own alerts
the ping notification noises included in the video were very annoying
Literally unequal exchange. Its feature not a problem of capitalism.
what is your solution?
Fully-automated World Wide Luxury Gay Space Communism.
Change can happen slowly or violently. They must pick.
@@chunkykong1976Dedollarisation
Exchange looks equal, just some don't bring much of value...
Please stop the notification alerts. Immediately.
This will turn away a lot of viewers, if you continue using this.
Never forget all of this is stems directly from the crisis created by Russia in 2022.
Meh, maybe this time they'll pay? Who am I kidding?
Just read "How Europe Underdeveloped Africa" by Water Rodney
Survival of the fittest
the belt and road project will help the african nations..😏
Except it barely goes to africa its mostly in central asia and eastern europe and surrounding areas and the indian ocean and countries nearby
BRI is another option but charge much higher interest and end up with roads that are never maintained
They cripple the bird's wing, and then condemn it for not flying as fast as they.
Malcolm X
As much as Malcom X is right that debt is used as a trap to keep down emerging 3rd world economie.
However, these African leaders shoulder most of the blame.
In my country President Akufo-Addo and Vice President Alhaji Mahamadu Bawu-liar (I refuse to use his proper name). Within 6 years in office multiplied public debt 5X from GHC122 BILLION all the way to GHC 576 BILLION.
We've had to devalue our currency just to stay competitive on the international market and pay back our loans.
We even had to default on our debts which was the first time since 1978.
Until we have competent leadership we'll just keep falling back into the debt trap.
Malcom x even wanted separation between black and white people..... 😊😊
Most of them were tribal and didn't even had the wheel before Europeans but they like to dream about wakanda.
Read the accounts of what there was.....for management...... 💀 You won't like it. And then read the opinions of Malcom x on separation.
There is truth to that, surely. But it takes away all responsibility on the poor decisions made in these countries as well. Kenya has spent 10 years paying interest on a bond and havent made a dent on their payments. They made that choice, nowhere on earth gets more financial aid than the African continent. If the systems were better, surely that money wouldve made a difference. But it hasnt, trillions of dollars in aid over the years and no significant improvements. As with most places in the world, a lot of people have made bad decisions. Some want to simplify the problem down to "colonialism" and its reductive to the general discussion and just forces further division.
USA has invested over $100 billion in public health across the African continent. 2021 Africa received $8.5 billion USAID. 2022 USAID over $6 billion in life saving, multi-sector humanitarian assistance to the people of Africa. 2023 $7.77 billion USAID to Africa. 2000-2021 USA annual foreign direct investment in Africa $44.81 billion. Since 1960 developed countries have sent over $2.6 trillion in aid to Africa.
My poor boy, did you think that _"aid"_ was to actually help people or to leverage US political standing???
@@IK_MKmy poor boy, does it matter? You probably don’t go around complaining when China loans money for clout.
@@IK_MK It was for leverage, in other news water is wet. If we have that part figured out, let's go the awkward issue that locals in other regions when received US aid (muh cold war or something) locals were much more competent and generally did not completely waste those money...
@@useodyseeorbitchute9450locals never received any money the USA stole it, tell me how you folks where helping Afghanistan again 😂😂.
debt trap on purpose to extract as much free and cheap resources.
Lo eu and usa have more depth lo
wow, what a shift of blame video. You failed to mention that majority of the bonds were purchased by "private institution" based in London and New York. These western private investors are the one calling these sorry African countries defaults without mercy. China has never called a country defaulted but just kept on extending its loans until these western private creditors triggered the default process.
Furthermore in the Zambia case, a lot of the western private creditors are hedge funds and vulture funds who picked up these bonds at the cheap, betting to have a handsome profits and rewards from the restructuring at much higher value. There is nothing wrong with China demanding a larger haircut from these western private creditors but the Paris Club (western govt agencies) is also working for these private creditors after taking in so much political donations
China isn't asking for 'more money than private western creditors', it's asking for those private western creditors to take LESS than they're demanding. To be clear, the highest payouts always go to private creditors - cos they're the ones with the highest interest rates. They're also the ones least willing to forgive or delay debt repayments. What's being asked is for them to agree to take a haircut too.