Africa Has No Governance, Except Borrowing to Build – King Oyanka

King Oyanka, newly appointed Chairman of the International Human Rights Association for West Africa and Traditional Royal Ruler of the Ga Tunmmaa We Royal Dynasty of Accra, Ghana, has delivered a strong critique of Africa’s economic model. Speaking during an interview with international media in Thailand, he emphasized that the continent’s heavy reliance on borrowing is undermining its ability to build stronger and more sustainable economies.

According to King Oyanka, Africa’s governance and borrowing landscape is complex. While challenges exist in managing debt and promoting economic growth, the real question remains: What are African countries doing with all the mineral resources they possess? Where are the revenues from the different sectors and ministries going? he quizzed.

He explained that many African countries continue to struggle with high debt levels, which restrict their ability to invest in development projects and deliver essential services that improve the lives of their citizens. This challenge, he noted, is worsened by illicit financial flows, harmful tax practices, and an overreliance on Official Development Assistance (ODA).

King Oyanka further emphasized that governance plays a crucial role in shaping the impact of external debt on economic growth. He pointed to factors such as government effectiveness, political stability, voice and accountability, regulatory quality, and corruption control as key elements that determine a country’s ability to manage debt responsibly.

Citing research findings, he observed that the interaction of governance indicators, external debt, and debt volatility can, under the right conditions, have a positive impact on economic growth in Sub-Saharan Africa. This suggests that effective governance can help mitigate the negative effects of borrowing and instead turn debt into a tool for growth.

On the importance of transparency and accountability, King Oyanka stressed that improving openness in public borrowing is essential for building sustainable debt management systems and fostering economic growth. He noted that citizens deserve to know how much their governments borrow, how the loans are being used, and whether such funds are directed toward productive activities.

In conclusion, King Oyanka recommended that African governments prioritize improving governance by ensuring political stability, minimizing corruption, and implementing sound policies and regulations that promote inclusive growth. On debt management, he urged leaders to ensure that borrowed funds are properly supervised and utilized for productive activities that spur economic development rather than being lost to waste or corruption.