Will African nations ever be able to repay their debt?
Africa's external debt climbed to more than $650bn last year.
More than half of African countries are either in debt distress or teetering on the edge. But credit restructuring is painstakingly slow, and many governments end up spending more on servicing their debt than on healthcare or education.
The debt problem has plunged many nations into economic crisis with rising unemployment and poverty.
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Al Jazeera
3 days ago
- Al Jazeera
Trump hosts five West African leaders to discuss trade and development
United States President Donald Trump is meeting with leaders from five African nations as he escalates a trade war that could impact developing countries reliant on commerce with the US. On Wednesday, Trump hosted leaders from Gabon, Guinea-Bissau, Liberia, Mauritania, and Senegal at the White House for talks and a working lunch, with discussions expected to centre on business opportunities, according to a White House official. During the lunch, Trump said they hail from 'very vibrant places with very valuable land, great minerals, great oil deposits and wonderful people'. 'There's a lot of anger on your continent. We've been able to solve a lot of it,' Trump said, pointing to a recent peace agreement leaders of the Democratic Republic of the Congo and Rwanda recently signed at the White House. The leaders are expected to discuss key areas of cooperation, including economic development, security, infrastructure and democracy, according to statements from the White House and Liberia. Trump said the five countries were unlikely to face US tariffs. President Trump Participates in a Multilateral Lunch with African Leaders — The White House (@WhiteHouse) July 9, 2025 Trump is expected to soon announce dates for a broader summit with African leaders, possibly in September around the time of the United Nations General Assembly. This week's mini-summit marks the latest effort by successive administrations to counter perceptions that the US has neglected a continent where China has increasingly made economic inroads. Trade, investment in focus Wednesday's meeting is expected to focus on economics. During the meeting, Gabon's President Brice Oligui Nguema told Trump his country was open to investment and wants to see its raw mineral resources processed locally, but needs large investments in energy to do so. 'We are not poor countries. We are rich countries when it comes to raw materials. But we need partners to support us and help us develop those resources with win-win partnerships,' Nguema said at the meeting. Senegal's President Bassirou Diomaye Faye suggested his country also offered investment opportunities for tourism, including a golf course. Faye said the course would only be a six-hour flight from New York and suggested Trump could visit to show off his skills. The US International Development Finance Corporation said earlier in the day it would provide project development funding for the Banio Potash Mine in Mayumba, Gabon, helping Gabon reduce its dependence on imports. 'DFC's efforts not only benefit the countries and communities where they invest but also advance US economic interests by opening new markets, strengthening trade relationships, and promoting a more secure and prosperous global economy,' said DFC head of investments Conor Coleman. The five nations whose leaders are meeting Trump represent a small fraction of US-Africa trade, but they possess untapped natural resources. Senegal and Mauritania are important transit and origin countries when it comes to migration, and along with Guinea-Bissau, are struggling to contain drug trafficking, both issues of concern for the Trump administration. However, African Union officials question how Africa could deepen trade ties with the US under what they called 'abusive' tariff proposals and visa restrictions largely targeting travellers from Africa. The top US diplomat for Africa, Ambassador Troy Fitrell, has dismissed allegations of unfair US trade practices. Earlier this month, US authorities dissolved the US Agency for International Development and said it was no longer following what they called 'a charity-based foreign aid model' and instead will focus on partnerships with nations that show 'both the ability and willingness to help themselves'. Those cuts could result in more than 14 million additional deaths by 2030, research published by The Lancet medical journal showed last week.
Al Jazeera
3 days ago
- Al Jazeera
White House hosts West African leaders to discuss trade and development
United States President Donald Trump is meeting with leaders from five African nations as he escalates a trade war that could impact developing countries reliant on commerce with the US. On Wednesday, Trump hosted leaders from Gabon, Guinea-Bissau, Liberia, Mauritania, and Senegal at the White House for talks and a working lunch, with discussions expected to centre on business opportunities, according to a White House official. During the lunch, Trump said they hail from 'very vibrant places with very valuable land, great minerals, great oil deposits and wonderful people'. 'There's a lot of anger on your continent. We've been able to solve a lot of it,' Trump said, pointing to a recent peace agreement leaders of the Democratic Republic of the Congo and Rwanda recently signed at the White House. The leaders are expected to discuss key areas of cooperation, including economic development, security, infrastructure and democracy, according to statements from the White House and Liberia. Trump said the five countries were unlikely to face US tariffs. President Trump Participates in a Multilateral Lunch with African Leaders — The White House (@WhiteHouse) July 9, 2025 Trump is expected to soon announce dates for a broader summit with African leaders, possibly in September around the time of the United Nations General Assembly. This week's mini-summit marks the latest effort by successive administrations to counter perceptions that the US has neglected a continent where China has increasingly made economic inroads. Trade, investment in focus Wednesday's meeting is expected to focus on economics. During the meeting, Gabon's President Brice Oligui Nguema told Trump his country was open to investment and wants to see its raw mineral resources processed locally, but needs large investments in energy to do so. 'We are not poor countries. We are rich countries when it comes to raw materials. But we need partners to support us and help us develop those resources with win-win partnerships,' Nguema said at the meeting. Senegal's President Bassirou Diomaye Faye suggested his country also offered investment opportunities for tourism, including a golf course. Faye said the course would only be a six-hour flight from New York and suggested Trump could visit to show off his skills. The US International Development Finance Corporation said earlier in the day it would provide project development funding for the Banio Potash Mine in Mayumba, Gabon, helping Gabon reduce its dependence on imports. 'DFC's efforts not only benefit the countries and communities where they invest but also advance US economic interests by opening new markets, strengthening trade relationships, and promoting a more secure and prosperous global economy,' said DFC head of investments Conor Coleman. The five nations whose leaders are meeting Trump represent a small fraction of US-Africa trade, but they possess untapped natural resources. Senegal and Mauritania are important transit and origin countries when it comes to migration, and along with Guinea-Bissau, are struggling to contain drug trafficking, both issues of concern for the Trump administration. However, African Union officials question how Africa could deepen trade ties with the US under what they called 'abusive' tariff proposals and visa restrictions largely targeting travellers from Africa. The top US diplomat for Africa, Ambassador Troy Fitrell, has dismissed allegations of unfair US trade practices. Earlier this month, US authorities dissolved the US Agency for International Development and said it was no longer following what they called 'a charity-based foreign aid model' and instead will focus on partnerships with nations that show 'both the ability and willingness to help themselves'. Those cuts could result in more than 14 million additional deaths by 2030, research published by The Lancet medical journal showed last week.
Al Jazeera
6 days ago
- Al Jazeera
Suriname elects first female president amid economic uncertainty
Suriname has elected Jennifer Geerlings-Simons as its first female president, with parliament backing the 71-year-old physician and lawmaker to lead the crisis-hit South American nation. Her election came after a coalition deal was struck in the National Assembly, which voted by a two-thirds majority on Sunday. The move followed inconclusive May polls and mounting pressure to replace outgoing President Chandrikapersad Santokhi, whose tenure was marred by corruption scandals and harsh austerity. Geerlings-Simons, leader of the National Democratic Party, ran unopposed and will take office on July 16. 'I am aware that the heavy task I have taken on is further aggravated by the fact that I am the first woman to serve the country in this position,' she said after her confirmation. She will be joined by running mate Gregory Rusland, as the pair inherit a country struggling under the weight of economic hardship, reduced subsidies, and widespread frustration. While Santokhi's government managed to restructure debt and restore macroeconomic stability with IMF backing, it also triggered mass protests over deep cuts. With Suriname expected to begin producing offshore oil in 2028, Geerlings-Simons has promised to focus on stabilising state finances. She has previously pledged to boost revenues by tightening tax collection, including from small-scale gold miners. Economists warn she faces a rocky road ahead. Winston Ramautarsingh, former head of the national economists' association, said Suriname must repay about $400m annually in debt servicing. 'Suriname does not have that money,' he said. 'The previous government rescheduled the debts, but that was only a postponement.' Geerlings-Simons will now be tasked with steering the Dutch-speaking country of 646,000 people through a fragile period, balancing public discontent with the promise of future oil wealth. As Suriname prepares to mark 50 years since gaining independence from the Netherlands this November, the small South American country is pinning its hopes on a new era driven by oil wealth and deepening ties with China. In 2019, it joined China's Belt and Road Initiative, becoming one of the first Latin American states to sign on to the vast infrastructure project. Suriname is one of the continent's poorest nations, despite its rich ethnic tapestry that includes descendants of Africans, Indigenous groups, Indians, Indonesians, Chinese, and Dutch settlers.
