Worried by Africa’s rising debt profile, policymakers, academics, business leaders, members of the diplomatic corps and others drawn from over 50 countries across the globe have set machinery in motion to attempt a prognosis of the black continent’s debt burden.
The event will be hosted led by the following the faculty members: Prof Chris Onalo, a professor of Credit Administration and Management, the CEO/Registrar of the National Institute of Credit Administration Nigeria (Chartered) with over 20 years of experience i n Leadership and Management and is fondly known as “Mr Credit” in Nigeria, Dr Chioma Nwafor, who leads the Quantitative Research team at CEDAF Scotland, Dr Philip Muinde OBE DL, who is the Chair of the African Council, Mr. Nicholas de Heer (Conclave Moderator), Obumneme Nwafor, Director, Centre for Africa Policy Research and Development Scotland, Dr. Madina Abdrakhmanova, a Diaspora African Women’s Network CIC I-PAD Project researcher, who holds a doctoral degree in Analytical Methods in Bankruptcy Predictions from Glasgow Caledonian University Scotland. She is the NICA/I-PAD Conclave organising Secretary.
Professor Walter Parrish, erstwhile head of Academic and Senior Lecturer at UK Education Academy (UKAE) and other institutions, has over 30 years of experience in education, and vocational skills-based training. Professor Walter is the President of the Advisory Board of the London Postgraduate Credit Management College (LPCMC), Shirley A Mawer, an accomplished management and leadership expert and Advisory Board Secretary of the London Postgraduate Credit Management College (LPCMC) UK.
Others are Dr. Reinhold Kama, is a Central Banker at the Namibia Central Bank and a Country Risk Analyst at Euro Money, Kafilat Araoye, the Managing Director of Lotus Bank (Islamic Bank with headquarters in Lagos State, Nigeria), who has over 25years of experience in banking and Islamic finance to mention just a few.
According to these experts, African countries’ debt services obligations, such as interest payments and loan repayments, consume a significant portion of their budgets, leaving little resources for essential public services, infrastructure and education.
The debt conundrum is one of the factors fuelling debt vulnerability in Africa. African countries are caught in a cycle of borrowing to pay off previous debts, leading to an unsustainable debt burden. It is no secret that Africa suffers from substantial infrastructural deficits, and the global COVID-19 pandemic has exacerbated the critical infrastructure deficit in the continent. The African Development Bank estimates the continent’s infrastructure financing needs to be as much as $170 billion annually by 2025, with an estimated gap of $100 billion annually.
This has exacerbated poverty and economic inequality, which can, in turn, increase debt vulnerability. Despite the debt service suspension initiative implemented by G20 countries, most countries within the continent are predicted to hit a “debt wall” by 2024.
While helpful, more than the standard solutions to Africa’s debt problems is required. Thus, a collaborative strategic policy and advocacy solution that address the debt conundrum are critical.
The two-days event scheduled to hold from 6th-7th September 2023, at the City of London, it is conceived as part of the Sustainable Africa Debt Conclave Network in collaboration with the National Institute of Credit Administration (NICA) Nigeria (Chartered), The International Partnership for Africa Development (I-PAD), Scotland and the London Postgraduate Credit Management College, UK (LPCMC), is under the theme, ‘Africa Debt Conundrum and Infrastructural Deficit: the quest for sustainable debt and development.’
Some of the topics expected to be on the front burner of discourse include understanding “The Genesis of Africa’s Debt Conundrum: Made in China or The West?” “The Monetary Policy Trilemma: Navigating Price, Financial and Currency Stability” “What are the risks and challenges to using home-grown capital in financing SDGs in the continent as they seek a path to debt sustainability? Debt overhangs and inflation,” “What is the genesis of the debt problems and the role of national governments and international financial institutions?” “Fiscal Discipline and Monetary Policy: Is the current Monetary Policy Orthodoxy Fit for Africa?” “How can we leverage Islamic Financing Model to solve the infrastructural deficit?” “What are the challenges and implications of alternative financing sources (inflow remittances, diaspora bonds etc.) to debt sustainability in the continent?” “The legislature’s role in bilateral, multilateral, and private borrowing.” “Financing Infrastructural deficit leveraging the Islamic Banking Financial Model” to mention just a few.