UNCTAD

Sovereign debt is generated by a global financial and debt architecture that subordinates Global South countries for profit. The recurrent debt crisis that Global South countries experience from time to time is not an aberration but a systemic feature of the global financial and debt architecture. Similarly, the ad hoc, temporary, and non-binding ‘soft’ law approaches designed to address the chronic indebtedness of Global South countries are not incidental but are integral features of a global financial and debt architecture dominated by the interests of private capital.

Join us for the launch of Afronomics Law's latest quarterly report, "Sovereign Debt as Subordination to Global Finance", by Prof. James Gathii and Dr. Harrison Mbori.

The News and Events category publishes the latest News and Events relating to International Economic Law relating to Africa and the Global South. Every week, Afronomicslaw.org receive the News and Events in their e-mail accounts. The News and Events published every week include conferences, major developments in the field of International Economic Law in Africa at the national, sub-regional and regional levels as well as relevant case law. News and Events with a Global South focus are also often included.

The International Asset Recovery Mechanism as it currently operates is highly unfair and disadvantageous to developing African countries. It is a system frost with power game, colonial vestige, and the undermining of the African sustainable development agenda. Indeed, African countries persistently suffer from the detrimental impact of outward illicit financial flows (IFFs), stemming from complex and multifaceted criminal and commercial activities. Latest IFFs estimates from the United Nations Conference on Trade and Development Organization for Economic Cooperation and Development and African Development Bank (AfDB) reveal an ugly illicit financial flight that continues to deprive the continent of huge domestic resources and economic prosperity.

Over the past few decades, we have seen an emerging form of neoliberal discourses on Africa that focus on emergence, as the continent has moved from being framed as the world’s “problem case” to the exciting new frontier of “Africa Rising". This has pushed neoliberal capitalists to see Africa as a continent of the future that is about to achieve transformations and socio-economic progress if it follows the orthodox advice of opening its market and accepting negative integration into the world economy. However, fuelled heavily by GDP growth rates, the “rising” narrative has been adept at obscuring a reality of widening wealth inequality and persistent poverty among the majority sections of the continent’s population even while witnessing the emergence of mega shopping malls and cell phones in almost every hand. Additionally, the myth of an Africa that achieves growth has overshadowed the quality of this growth as it does not lead to an improvement in the living conditions of Africans but instead breeds illicit financial flows (IFFs).

The escalating concentration of global extreme poverty is particularly pronounced in Africa, where the continent presently accounts for 55% of the total worldwide poverty. Reports indicate that these numbers are expected to rise due to the enduring impacts of climate change, the COVID-19 pandemic, and the conflict in Ukraine. As we hit the six-year mark before the designated milestone for achieving the Sustainable Development Goals (SDGs), it is apparent that African nations are still notably behind in making substantial strides toward the specific targets outlined in the SDG Agenda. Expanding upon the United Nations Millennium Development Goals (MDGs), which concluded in 2015, the SDGs underscore the commitment to addressing a broad spectrum of global challenges. The SDG Agenda tackles 17 pivotal development challenges, spanning areas such as poverty, health, gender equality, crucial aspects of economic growth, urgent global warming issues, social justice, and the promotion of peaceful and inclusive societies. Globally, there is a recognition that countries bear the primary responsibility for addressing systemic issues leading to revenue loss, and global cooperation is essential to supporting national efforts in achieving the SDGs. Within the African context, there have been calls to African leaders to address structural barriers impeding domestic resource mobilization as a key to the successful implementation of development projects aimed at enhancing the lives of African citizens. This is viewed as a sustainable solution to confront the severe and multidimensional nature of poverty in African nations, requiring concerted efforts from leaders to reshape policies that currently facilitate capital outflows.

Febuary 13, 2024

As you might be aware, and as per our discussions during the 8th World Investment Forum in Abu Dhabi, UNCTAD and the Academy of International Business (AIB) now accept policy-oriented papers on international investment in development from PhD students and early-career researchers with no more than 5 years of experience.

This remarkable book on business and human rights norms in Africa, is written in three parts. Part one, examines the key contexts and principles which underpin the nature and scope of business and human rights in Africa, and the relevant corporate governance theories and regulations. Part two, proposes human rights-based approach (es) to business and human rights in Africa and examines the human rights corporate duty to respect, the integration of such a rights-based approach in development and the question of access for effective remedies. Finally, part three, examines the implementation of the protect, respect, and remedy framework in Africa’s energy and extractive sectors, with particular focus given to three focal jurisdictions in Africa: Nigeria, South Africa, and Kenya.

On the 22nd day of May 2021, AfronomicsLaw Academic Forum held a Guest Lecture titled 'Trade Facilitation: The Key to a Borderless Africa'. The esteemed speakers were Dr Tsotang Tsietsi and Mr Craig Merito, who addressed the role of trade facilitation as a mechanism to enhance intra-African trade. Dr Tsietsi, the first speaker, is a Senior Lecturer at the National University of Lesotho. She holds an LLM from the University of Cambridge and a PhD from the University of Cape Town. Mr. Craig Merito is an international trade expert and consultant with over 25 years of experience. This piece will reflect on the issues raised by Dr Tsietsi before proceeding to those encompassed by Mr. Merito.

November 11, 2021

Project Seeks Legal Consultant to Assist with Feasibility Study of DOVE Fund

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