Africa

This report sheds new light on a critically overlooked dimension of Africa’s sovereign debt landscape—the transaction costs incurred through the use of intermediaries in debt restructuring processes. This report breaks new ground by exploring the charges, expenses, and costs arising from third-party intermediaries' participation and the broader implications these costs pose for debt sustainability across the continent.

Creditors’ motivations appear to be mixed. While reputational benefits and international commitments are primary drivers, more pragmatic interests, such asthe opportunity to redeem discounted loans above market rates, also play a role. Asignificant finding is that most respondents feel their countries lack agency in DNS operations. The survey also indicates skepticism about DNS’s effectiveness inreducing sovereign debt, although respondents acknowledge its potential foraddressing environmental challenges. Transparency emerges as a major concern. Respondents consistently describe DNS transactions as opaque or minimally transparent, with local communities rarely, if ever, involved in the process. While DNS is not widely endorsed as either a preferred debt restructuring tool or climate finance mechanism, respondents do recognize its limited but meaningful role, particularly in environmental initiatives.

This report critically examines the trends and drivers of the debt-for-nature swap (DNS) in Africa, including its design frameworks, challenges, and potential, as currently implemented, and outlines the specific design principles for a fit-for-Africa DNS.

Le Forum académique d’Afronomicslaw est un réseau réunissant des étudiant.e.s, de jeunes chercheur.euse.s ainsi que des praticien.ne.s en début de carrière, animé.e.s par un intérêt marqué pour le droit international économique appliqué à l’Afrique et au Sud global. À travers un programme annuel structuré, le Forum propose un large éventail d’activités destinées à favoriser l’épanouissement intellectuel et professionnel de ses membres. Dans ce cadre, le Bureau Exécutif pour l’Afrique de l’Ouest, instance dirigeante du Forum dans la région, lance un appel à candidatures en vue de constituer sa deuxième cohorte.

The Afronomicslaw Academic Forum is a network of students, early-career researchers, and early-career practitioners interested in International Economic Law as it relates to Africa and the Global South. The Forum coordinates a wide range of activities to support the professional development of members over the course of one (1) year. The West African Executive Board, which is the leadership of the Forum in West Africa, is looking for students, early-career researchers, and early-career practitioners from the whole West African region who are passionate about international economic law to join the Forum as part of its second cohort.

The rise of Trump is beneficial for Africa. This forms the basis of my argument. Many African nations have grounded their foreign relations in misleading principles. Liberals often appeal to pity, proclaiming, “Oh, we are here to protect human rights.” Conversely, China states, “We are here for deals.” This reflects my perspective. If Africa shifts from this false idealism and adopts a pragmatic approach, it can forge beneficial agreements with the USA, China, and Europe. Such agreements should be founded on genuine, tangible values for value. This should be the guiding principle for international trade in Africa.

This report critically explores the IMF’s consumption tax policies and their adverse effects on borrower nations, particularly in Africa and the Global South. It examines how the IMF’s emphasis on consumption taxes like VAT, when used as a tool for revenue mobilization, often leads to regressive outcomes by exacerbating inequality, increasing poverty, and contributing to unsustainable public debt. Through an analysis of the global debt architecture evolution and a review of IMF-backed tax reforms across various regions, the report highlights the disconnect between the IMF’s policy prescriptions and the socio-economic realities of developing countries. The study underscores the need for reforming the international debt architecture to address the negative impacts of these policies and proposes recommendations for more equitable and sustainable debt and tax solutions.

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.

Dzah’s analysis succeeds in meeting the objective stated at the beginning of the book. It does so by diagnosing deficiencies of sustainable development and pointing the reader to a conceptual toolbox from which to draw ethical principles for re-imagining sustainable development. One angle of analysis that could have been addressed in this book is whether there are any drawbacks inherent to African ecocosmologies as a rationality for sustainable development. The analysis leaves the reader with an altogether positive outlook on the legal value of African ecocosmologies.

International law applies to the interchanging relationships and rules between states, including the establishment of norms and standards which govern their activities. This changing landscape of international law is recognised in one of the introductory paragraphs of this book: ‘international law possess an inherent transformative power to renew and remake itself if we are committed to reimagining the discipline and its fundamental characteristics, including the concept of sustainable development’ (pg 2). Sustainable development (SD) has been an integral part of international law discourse before the 1972 United Nations Conference on the Human Environment (UNCHE) and the United Nations Conference on Environment and Development (UNCED). Hence, this book focuses on the ahistoricism and influence of international law on the environment and sustainable development in African legal systems through a Third World Approaches to International Law (TWAIL) lens.