Swap debts for Africa

The time for grandstanding is over. In fact, the time for buying time in matters climate is up. The world has been boxed into a perilous situation by the reckless actions of rich industrial countries.

And, as if that is not bad enough, of the world’s 8 billion people, the most innocent 1.4b are the worst-affected.

Africa is yet to develop the infrastructure and economic systems to withstand the shocks triggered by climate change. And its capacity to transition to clean energy cannot develop because the climate shocks have worsened its economies. African economies are sinking deeper into debt every day.

The final outcome of this could be instability and reducing the viability of African states. This is simple to resolve. Africa’s debt is about $700b. The climate dues committed by the polluters will, as at 2025, stand at $600b. Since they have delayed paying up, at 20% annual interest it should come to the same amount.

The common sense solution should be to swap the two debts so they cancel out. Let Africa get out of the debt bondage it has been pushed into.

These debts are mostly meant to enrich the lenders and further impoverish the borrowers. Africa should have no business returning to the COPS before the debt swap is effected.

This opinion is not necessarily shared by Stuff newspapers.