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Global Times: Dollar hegemony, not China, is the cause of Africa's debt problems
By Shi Qing
Global Times, Beijing
Wednesday, April 19, 2023
Not long ago U.S. Vice President Kamala Harris visited three African countries -- Ghana, Tanzania, and Zambia. This is the fifth visit by a high-ranking Biden administration official to Africa this year.
During her visit, Harris repeatedly raised the issue of African debt, urging China to reduce debt owed by Ghana and Zambia, and announced the dispatching of a full-time resident adviser to Accra to assist the U.S. Ministry of Finance with debt restructuring issues from 2023 onwards.
... Dispatch continues below ...
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While the U.S. is pointing its finger to African debt issue, its own domestic economy is on the verge of trouble. Washington's monetary policy has shifted from extreme easing to radical interest rate hikes, triggering multiple U.S. banks to collapse as well as subsequent negative chain reaction around the world.
How can the U.S., whose financial policy is so irresponsible and self-serving, be so emboldened to lecture African countries how to deal with debt problems?
It is time for the U.S. to take a look in the mirror and examine its role in African debt issues.
The U.S.' irresponsible monetary policy is the root of African debt problems. Relying on dollar hegemony, the U.S. has implemented three rounds of quantitative easing, cut interest rates to near zero, and flooded Africa and emerging markets with low-interest dollars.
It then arbitrarily and aggressively raised interest rates, boosted the U.S. dollar exchange rate, and attracted the return of dollars. As a result, African countries have to face liquidity shortages, broken funding chains, currency depreciation, skyrocketing debt repayment costs denominated in dollars, a surge in sovereign debt, and exacerbated debt problems. ...
... For the remainder of the commentary:
https://www.globaltimes.cn/page/202304/1289429.shtml
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