The west is exporting austerity to Africa. It’s a disaster

Now that the whole world feels poor and debt relief is out of fashion, some countries are left with big debts at high rates

Austerity is more than just a European response to the 2008 financial crash. It is the common response of indebted countries wherever they may be. And no more so than in Africa.

Trapped in binding agreements for loans they can ill afford with international investors, most African countries have kept their heads down and trimmed their spending.

Namibia pays 10% on its debt: the UK pays 1.8%. The multiplier effect pushes the former into dangerous territory.

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