Award-winning Musician, Livingstone Etse Satekla known popularly in the music scene as Stonebwoy has joined the conversation on the debt trap which keep incapacitating successive future African generations over the years.
In a recent tweet, the BET award winner and afro-dancehall musician wrote that, “already our generation is still paying interests owed to the foreign donors of loans our Great GrandFathers borrowed… #MoreYawa,”
His comment sums up the frustration and emerging campaign by the new crop of Afro-political thinkers, especially the youth who are more affected by this phenomenon. Not long ago, Kenyan youth dragged the International Monetary Fund (IMF) for approving new sets of loans for their country which is already in crisis.
The frustration of the youth is clear; they perfectly understand the consequences of piling up such debt. Unfortunately, the decision to deal with this menace lies mainly in the hands of a leadership which finds pride in reckless borrowing. Despite the numerous resources the continent is blessed with, bad leadership plunged Africa into a debt crisis which breeds negative effects in all aspects of development.
The generational debt conversation is an age-long one and an area which seems very underrated but has been a silent anti-development tool. It is irrefutably one of the main reasons why the development of Africa keeps crawling.
Before an African is born, he/she is already in debt and is required to find ways to offset these loans incurred by their predecessors before focusing on doing something meaningful. The current African leadership has piled so much debt which is an automatic burden for the next generation.
This trend has not done any good for the continent. What do you think Africa can do to put an end to generational debt and its devastating effects?