Politics by Default: China and the Global Governance of African Debt

Abstract

In the last two decades, the rapid growth of many African economies has coincided with deepening commercial and political ties with China and a re-emergence of perilous indebtedness. US administrations have warned that Beijing is ensnarling Africa in debt to gain political leverage and force African states to cede strategic assets to China. The charge that China is uniquely responsible for Africa’s heavy debt is also shaping the flagship debt initiatives of the World Bank and the IMF. An analysis of the theoretical assumptions underpinning the ‘debt-trap’ narrative and the empirical evidence indicates that the preoccupation with China’s role is misguided, and is in fact rendering it harder to service and relieve African debt. Furthermore, framing the African debt problem in terms of great-power rivalry obscures structural features of the international financial system that are far more consequential in shaping the liquidity and solvency of African states.

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