Analysis

The Analysis Section of Afronomicslaw.org publishes two types of content on issues of international economic law and public international law, and related subject matter, relating to Africa and the Global South. First, individual blog submissions which readers are encouraged to submit for consideration. Second, feature symposia, on discrete themes and book reviews that fall within the scope of the subject matter focus of Afronomicslaw.org. 

The utility of radical transparency and civic agency in solving Africa’s illicit financial flows crisis

Some of the core objectives of FfD4 are enabling a renewed global financing framework that is underpinned by a commitment to multilateralism and collective action and aligned with national priorities. The African context is especially disadvantaged regarding barriers to meeting these objectives because the political elite, who set the said national priorities and spearhead ‘collective action’, is at the forefront of perpetuating illicit financial flows. The Pandora papers and similar exposés have revealed that African leaders are often at the forefront of illicitly hiding money abroad and moving it around illegally. This creates a paradox, as the very individuals responsible for driving meaningful progress in addressing illicit financial flows are frequently the biggest impediments to such efforts. Peter Ekeh’s concept of the ‘two publics’ provides a compelling theoretical framework for understanding this dynamic.

Leveraging Technological Advances for Sustainable Development: Re-writing the Racial Codes of Emerging Digital Technologies

Accordingly, this article aims to situate the regulatory challenges that emanate from this divide within the international human rights standards that inform the use and development of emerging digital technologies. Given the necessity for brevity, particular focus will be afforded to two proposals set out in the United Nations Department of Economic and Social Affairs Elements Paper for the outcome document of the Fourth International Conference on Financing for Development (FfD4). Namely, (1) technology transfer and (2) the promotion of equitable access to artificial intelligence (AI), including the development of a regulatory ecosystem that promotes safe, secure, and trustworthy AI systems. The analysis will also briefly address the Zero Draft Outcome Document for the Fourth International Conference on Financing for Development (Zero Draft FfD4) because it acknowledges the transformative potential of technology in achieving the Sustainable Development Goals (SDGs).

Strengthening the African Financial Architecture: Why African Multilateral Financial Institutions Should have the same Preferred Creditor Status as MDBs

In context, the African financial architecture and AMFIs are Africa’s response to the contemporary global financial architecture with privileged hierarchies that have historical roots in the post-colonial order of the post-Second World War era. Likewise, the claim that the IMF offers concessional loans misses the point of the historical and structural privilege that they enjoy. As such, an ahistorical approach to assessing the PCS status and treatment of AMFIs creates a presumed sense of superiority in comparison to other MDBs. Further, such an approach deepens the privilege and the structural and inequity issues in the current international financial architecture.

Charting a New Course: Advocating for a UN Framework Convention on Sovereign Debt

The essay also emphasizes the importance of leveraging regional initiatives. These initiatives provide a complementary layer to global frameworks by fostering context-specific solutions, enhancing coordination among member states, and facilitating the exchange of best practices. For instance, regional bodies could play an essential role in mediating disputes between creditors and debtors and advocating for equitable treatment of African nations in multilateral debt restructuring forums. The Convention would cure this by institutionalizing capacity-building programs through regional debt advisory centers equips nations with the tools to circumnavigate complex debt negotiations.

Decentering the IMF: A Critical Analysis of FfD4 Proposals for Africa’s Debt Governance

The Elements Paper and the Zero Draft present an opportunity for meaningful debt governance reforms, yet their reaffirmation of the IMF’s central role perpetuates the marginalisation of Africa in financial decision-making. This blog has made calls for a transformative approach that decouples debt governance from the Bretton Woods institutions and centres it within the United Nations. A truly inclusive and equitable debt architecture requires decentering the IMF, establishing an independent Global Debt Authority hosted within the UN, and reforming debt sustainability assessments to reflect the needs and priorities of Africa. Without these changes, African debt-dependent economies will continue to face unjust financial constraints, limiting their capacity to achieve sustainable development goals.

Climate Finance and Debt Distress in Africa: A Critique of the FfD4 Elements Paper

In their current form, the proposals in the Elements Papers and the Zero Draft inadequately cover the complex and interconnected issues of climate finance and debt distress, which are crucial for realizing sustainable development in Africa. Therefore, the framework should leverage grant-based climate finance to avoid perpetual concession loans. Unlike loans, grants do not add to the already rising debt burden but instead offer a more stable and sustainable avenue to finance climate action. This will be important to break the vicious cycle of "borrow-and-under-develop" that continues to hold Africa back from realizing both its climate and development aspirations.

Shared Responses, Shared Responsibility: Reinforcing Responsible Sovereign Financing Practices

This essay will harmonize perspectives on responsible sovereign borrowing, re-emphasising the importance of shared responsibilities. It will commence by briefly examining the United Nations Conference on Trade and Development (UNCTAD) Principles on Promoting Responsible Sovereign Lending and Borrowing (“the UNCTAD Principles”) and the Addis Ababa Action Agenda (“the Agenda”). Additionally, the United Nations Department of Economic and Social Affairs (UN DESA) proposals on sustainable and responsible borrowing and lending and debt crisis prevention will be appraised. This analysis will consider the applicability of these principles within the specific context of African countries, considering economic, political, and social realities.

Introduction to the Written Symposium: The Road to FfD4 – Rethinking Development Financing for Africa’s Future

This symposium aims to provide a platform for African voices to engage with and critique these foundational proposals. Bringing together perspectives from undergraduate and postgraduate students and early career researchers, the symposium reflects the intellectual dynamism of African youth contributing to global financing debates. These contributions underscore the necessity of ensuring Africa’s priorities and perspectives are central to the FfD4 agenda.

Sidelining the Lived Realities of Those Most Affected by Investment Projects and Disputes

The opacity of the ISDS regime is not a mere oversight but rather a structural feature that prioritizes the investor-centric nature of its proceedings while giving limited consideration to the broader social, environmental, and economic impacts of investment disputes. Local communities often bear the brunt of disruptions caused by these projects, only to face the added burden of compensating the very investors responsible. Such payouts often divert public funds away from essential services, prioritizing corporate interests over the welfare of ordinary citizens. Arbitral tribunals reinforce this exclusivity by systematically excluding the voices of those most affected. While treaties and rules formally acknowledge the role of amicus curiae to lend a veneer of legitimacy, they actively stifle such participation by withholding key information and imposing procedural demands that resource-strapped local communities, academics, and civil society organizations are often unable to meet.