Within the ongoing discourse about Africa’s future, these groups might be called the Afro-pessimism and Afro-optimism schools of thought. Abdelmalek and others who suggest that the cup is half-empty due to debt-burden belong to the latter group.
In this continent of global significance, the Afro-pessimists see only risks and dangers; Afro-optimists see opportunities and prospects for success, growth and development.
I want state without mincing words that I belong to the Afro-optimism camp. This is why the fears he raised in that article does not resonate with me at all. For instance, he stated that “some countries such as Angola, Kenya and Zambia are already facing major financial stress and are looking at refinancing their debts in order to buy some time.” However, he did not tell us about other African countries that managed their debt profile or any that are currently debt-free.
I also expected him as a person who writes about North Africa, the U.S and International relations to talk about that fact that between year 2000 and 2010, Africa’s foreign debt fell from 63 percent of Gross Domestic Product (GDP) to 25 percent, an indicator of macro-economic stability in the continent. The trend, according to experts, has remained fairly positive in the last few years.
Third, he cited the case of how private lenders seeking returns in a world no longer able to deliver them, kept pouring their funds into Africa, particularly for countries looking for money. Were these so-called lenders so stupid to throw their hard-earned money away so recklessly into a continent with no hope? The answer is of course NO! The bitter truth is that such move further lent credence to the fact that Africa remains the surest source of hope and the future of the world.
There are many well-respected Afro-optimists in the business world who also contradict Abdelmalek’s gloomy predictions.
Anthony Madu, the 14-year-old Nigerian dancer from Lagos who gained admission to a prestigious ballet…
Actor-host Wayne Brady recently opened up about his early financial struggles in his now thriving…
Mia Arianna, also known as @mia.ariannaa on TikTok, helped her son become an honorary team…
Alvin Gauthier, a Grand Prairie USPS postman, recently went above and beyond to brighten a…
Maj. Gen. Fatuma Gaiti Ahmed is the first female commander of the air force and…
Benjamin E. Mays High School brought together its 272 senior class members for a meeting…
Afrika Owes' emotional response to learning that she had passed the bar exam on her…
A 49-year-old New York attorney was on April 26 sentenced to 10 years in federal…
During an appearance on The Jennifer Hudson Show on Wednesday, pop legend Cher opened up…
Authorities in Florida said an 11-year-old boy was accidentally shot and killed by his 14-year-old…
The famous Taylor Schlitz family is making headlines once more as the youngest of the…
Sony Pictures Entertainment has appointed Tahra Grant as its Chief Communications Officer. She replaces Robert…
Meet Ashley M. Fox, the founder of Empify and the first in her family to…
Tyra Banks, the iconic former host of Dancing With the Stars, has made a delightful…
A Brazilian woman named Érika de Souza, 42, is under investigation for manslaughter after authorities…