The French presidency, which is hosting the summit on financing African economies on 18 May, is at the forefront of a shift in discourse on the continent. But its approach still has blind spots, says economist Carlos Lopes.
The fierce debate on how to deal with African sovereign debt has created another boulevard (strategic options) for France within the G7 and even the G20. It was France - under President Emmanuel Macron - that first proposed an overhaul of the current approach, including through the elimination of African debt rather than its relief and through immediate access to unused International Monetary Fund (IMF) Special Drawing Rights (SDRs) to make African economies more liquid.
In the case of warlord of Paul Kagame of Rwanda there is an opportunity here. An opportunity to unleash himself from the excessive burdens of the debts to which he committed his country in order to finance extravagant failed projects to satisfy his sense of "grandeur". Debt relief could open the way for warlord Paul Kagame to start with a clean slate at the expense of European Taxpayers, while he picks up the mental to continue where he left off in trajectory of extravagant mega projects that are doomed to fail.
In the near future (when I have more time) I will consult with my big brother Jean Paul Ntagara to set-up an emission on Radio IKAMBA in which I will provide a detailed analysis on the implications of the Strategy of France in Africa under Emmanuel Macron which is in direct correlation with:
1. France under Macron approaching Africa as a “common geopolitical entity;
2. How the US leadership under President Trump’s administration has disrupted the previous modus operandi forcing actors such as France to actively participate in the field of public goods in Africa;
3. How French wants to position itself within the Europe Union to lead investments opportunities in Africa;
4. Why warlord Paul Kagame is highly motivated to kiss the ass of President Emmanuel Macron and the associates of Macron as best as possible as he can;
5. The importance of the European Green Deal as a game changer in all of these topics.
Stay tuned for the near future.