By Enyichukwu Enemanna
Leader of South Africa’s opposition Economic and Freedom Fighters (EFF) has cautioned African leaders against loan spree from Brentwood organisations and others, stating that such moves can undermine the continent’s freedom.
Julius Malema, an opposition MP in South Africa’s parliament who spoke on Sunday in Enugu, South East Nigeria, at the general conference of Nigeria Bar Association (NBA) described such loans as “debt trap,” that can mortgage the future of the continent.
“The debt trap of Africa to our foreign colonisers must be stopped, and that begins by regulating these loans that our leaders commit future generations to, because they will not be there when the colonisers come to collect,” Malema told the gathering of legal luminaries.
The firebrand politician said his country’s parliament is making a move to checkmate loans from these institutions.
He said, “The Public Finance Management Amendment Bill will in South Africa deal with a problem facing the whole continent, and that is the unregulated borrowing of money by our governments from the World Bank and the International Monetary Fund (IMF)”.
“This bill, which we have introduced as the EFF, will require that the National Treasury in South Africa first seek approval from Parliament to source foreign loans and establish transparency regarding such loans and their conditionalities,” he stated.
This comes amid growing concern on the cost of servicing such debts amidst dwindling economic fortunes among heavily indebted African nations.
Malema equally hailed Nigeria for its support of South Africa during its apartheid struggle, proposing that such a bond should be strengthened.
“Combined, we possess the minerals that power modern technology, the energy resources that fuel global industry, and the human capital to build a self-sufficient continent.
“The path forward is clear: Nigeria and South Africa must industrialise together, build factories together, and process our resources on African soil,” he said.
He believes the continent’s “salvation” lies within and will not “come from Washington, London, Brussels, or Beijing.
“Our salvation lies here, in Lagos and Johannesburg, in Abuja and Pretoria, in the hands of Africans who refuse to be divided,” the firebrand South African politician told the thousands of lawyers and other dignitaries at the event.
