Debt distress in Africa: Biggest problems and ways forward

We hope the book will stimulate debate among academics, activists, policymakers and practitioners on how Southern Africa Development Community should manage its debt. Five recommendations emerge from the contribution. These include the need for enhanced debt transparency and an approach to debt management that takes into account a host of factors beyond just finance.. The participants sought to understand the debt challenges facing countries in the Southern Africa Development Community.

Options for incorporating human rights and social considerations into sovereign debt renegotiations and restructuring.The recommendation is that countries in the region should adopt comprehensive debt data disclosure requirements and state borrowing procedures that are transparent and participatory. The aim would be to facilitate holding relevant decision makers accountable.

Transparency on its own won’t ensure responsible borrowing. Debt management frameworks and practices should conform to all the principles of good governance. The list includes transparency, participation, accountability, reasoned decision-making and effective institutional arrangements.Debt is a contractual relationship. It is therefore important – for debtors and creditors – to enter into contracts that are as comprehensive as possible.

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