African countries can’t resolve their debt crisis under a system rigged against them

By Carlos Lopes, Professor at the Nelson Mandela School of Public Governance, University of Cape Town

The debt situation in many African countries has escalated again to a critical juncture. Twenty are in, or at risk of, debt distress.

Three pivotal elements significantly contribute to this.

Firstly, the rules governing the international banking system favour developed countries and work against the interests of African countries.

Secondly, multilateral financial institutions such as the International Monetary Fund (IMF) and the World Bank focus on poverty alleviation. This is commendable.…

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