By Andualem Sisay Gessesse – Dakar, Senegal – Calling for an African solution and a new world order, the third edition of African Conference on Debt and Development (AfCoDD III) that aims to reflect on African countries debt burden, is opened this morning in Dakar, Senegal.
Experts along with representatives from non-governmental, governmental and media organizations have gathered for the three days conference that is expected to reflect on the state of debt in Africa and its implications of the development of the continent and the people.
In order to properly address the growing burden of debt, the conference suggested that African countries need to reimagine rethink, reorganize and remobilize for an African world order. “Our world is at critical juncture…Transition out of crisis need forming a new …The world we are living today is not sustainable. We need the world where the people are at the center. A world where Africa is a rule maker…not a rule taker,” said Ebrima Sall, Trust Africa Executive Director, in his opening speech.
Financing of African development needs to come primarily from Africa not external debt, according to Ebrima Sall. He mentioned some 90 billion USD is leaving Africa as illicit financial flows…He argued that stopping this can help African countries to stop the bleeding and its dependency on unsustainable aid. “…The solutions must be an African if they have to be lasting solutions…the future is in our hands” he said.
Indicating that the conference is very much timely, Dauda Sambene, Executive Director, AfriCatalyst stated that many African countries are facing debt challenges…because of limited physical spaces to finance their development.
“It is a global disorder; we don’t call the current situation global order.
Barbara Khalima-Phiri, Board Chair AFRODAD, on her part noted that many developing countries have showing symptoms to fail on their debt naming Ghana, Chad, Ethiopia, and Sri Lanka, which already are under debt stress.
She stressed the need to for change of the current world order, describing it as world disorder. “Africa is caught in a debt trapped…Africa is trapped in a low productive capacity,” she said
The 4Rs the theme of the conference “Reimagining, Reorganizing, Rethinking Remobilize for an African World Order” will help us to reset where Africa should be. …We, we alone, can emancipate ourselves from the global disorder,” she said.
Menntioning that the current level of debt of Senegal has reached 65 percent its GDP, Dr. Youssoupha Sakrya Diagne made a call for alleviation of debt…”as it represents a severe burden by preventing our countries from preventing poverty and development”.
Over the coming three days, the participants of the conference organized by AFRODAD and Trust Africa are expected to reflect on different aspects of topics related to debt including multi-polar world, African continental Free trade area, among others.