Africa’s Debt Crisis: Pan-African Feminist Perspectives and Alternatives

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The fourth Conference on Debt and Development (AfCoDD IV), 2024 edition was held in Maputo, Mozambique from August 28 to 30, 2024. The conference recognized in its conclusions the critical need to address the impact of debt default on the importance of women in economic management and debt repayment in Africa.

Conference Overview

The main theme of the conference was “Debt Crisis in Africa: Pan-African Feminist Perspectives and Alternatives”. This theme was the subject of detailed analyses, exchanges, and recommendations on all aspects of debt, women, and existing development mechanisms.

A Panel of Exceptionally Committed Women

The conference was divided into three days, each with a specific focus. The first day was dedicated to the opening ceremony, the presentation of the opening theme, and a round table of women participating in the campaign against African debt.

The second day was centered around a dozen sessions that animated sub-themes linked to the theme of the conference, with a focus on African characteristics and the expertise of the panelists and participants.

The third day was dedicated to a large round table moderated by Jason R. Braganza, Executive Director of AFrodAD, allowing the representatives of the Country Coalitions to weigh in on AFRODAD activities carried out in each country.

Closing Ceremony

The closing ceremony was held on the third day, with speeches that recalled the aims of the Conference and showed where we come from and where we are going with a strong determination to end the burden of a crushing debt under the backs of African citizens and especially for women.

The ceremony ended with a cocktail night of music and dance, bringing the curtains down decisively on the fourth edition of the African Conference on Debt and Development (AfCoDD IV) in Maputo, 2024.

Key Takeaways

Feminist analysis is fundamental to understanding financial issues, above all, the debt of women and the most vulnerable segments in our countries. A feminist reading of debt by our leaders will certainly make it possible to reformulate the global financial architecture and “bring debt out of the closet”, which is clearly tantamount to drawing attention to the fact that finance is not an abstraction, but rather something that oppresses people in a very concrete way, to the extent that debt imposes the obligation to work more in addition, regardless of the delicate nature of the conditions.

Africa’s debt becomes a direct burden on Africans who have to pay the price of irresponsible borrowing and equally irresponsible borrowing. Yet, despite the debt burden, organizations such as the International Monetary Fund (IMF) continue to give loans to African governments under the guise of “very cheap” loans by justifying very low debt sustainability.

Africa is caught in a debt trap that goes beyond shrinking the financial room to move. It is the trap of low production capacity that is rooted in the neoliberal economic order that blocks any attempt by Africa to produce and transform its economies into industrial and manufacturing centers for global production.

Africa is now the maker of African Rule, seeking a new political consensus for a new debt architecture where the continent will create rules and negotiate debt based on its natural resources that are so coveted by the whole world.