Only 2 out of 54 countries on the African continent are currently free from debt obligations: Eritrea and Botswana. The other nations are effectively forced to pay higher taxes because their governments are repaying loans. But what is causing this?
The answer lies in history. The economies of most African countries were structured to serve the interests of colonial powers. As a result, even after gaining independence, they remained under the influence of European nations. Over time, this influence expanded to include the United States, China, the UAE, and other countries eager to lend money in exchange for power on the continent.
Will Africa ever be able to break free from the international monetary system?
