Sub-Saharan Africa in particular, as well as all of Africa, are engulfed in a debt and poverty-ridden economic spiral. Poverty and debt have an odd and ironic relationship. Africa was viewed at the turn of the century as the next big opportunity for capital markets, which were meant to pull the underdeveloped nations with abundant resources into the realm of prosperity, according to a recent investigative report by the Western news agency Reuters.
A $100 billion debt had been written off by the World Bank through a combination of grants, loans, and buybacks for roughly 40 countries. That was thirty years ago. In 2010, the decision was made to subject the African nations to economic risk evaluation by the three leading rating agencies: S&P Global Ratings, Moody’s Ratings, and Fitch Ratings. The fact that they are all Americans is a coincidence. The United States was eager to include African nations in market economies around 2002. New hunting grounds were also on the investors’ list of priorities.
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