Debt is a cleverly managed reconquest of Africa – Thomas Sankara – This Is Africa.

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Between 1982 and 1990, African debt doubled from US$140 billion to US$270 billion. Sankara rightly predicted that this would cripple African development for generations to come. Despite debt relief programs, which have resulted in increased spending on health and education in African countries, Jubilee Debt Campaign estimates that in 2008, low income countries paid over US $20 million a day to rich countries.

Their decision-making power is also constrained within the limits of orders given by the institutions and countries to which they are indebted. Strangely enough, while these orders demand decreased public spending for example on health, they don’t seem to have made a dent on the perpetual rise of Africa’s waBenzi clan: politicians rolling in flashy Mercedes Benzes bought with taxpayers’ money. And to make matters worse, with access to new creditors – especially China – many African governments are once again sinking into the vicious cycle of debt dependency that Sankara foresaw.

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