The majority of sub-Saharan African countries, which for ten years until the beginning of the 2020s,were able to sell their securities in the financial securities markets sovereigns, they cannot do it now. And this has happened since the central banks of the Northern countries decided to sharply raise interest rates. Let us remember that without any consultation with the countries of the South, the Central Bank of the United States (the Fed), the European Central Bank and the Bank of England sharply increased interest rates from2022, which had a disastrous contagion effect for the southern countries.

According to economist Michael Roberts, referring to the report that Oxfam published on January 10 on the occasion of the Davos summit: “Entire countries are threatened with bankruptcy. The poorest countries currently spend four times more to repay their debts to the rich than they spend on healthcare. Three-quarters of the world’s governments foresee reductions in public spending linked to austerity – including in the areas of health and education – reaching $7.8 trillion over the next five years.” (Source: Michael Roberts, “Davos and the melting of the economy” 22228 which refers to the report published by Oxfam on January 15, 2024.