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Africa must stop borrowing from colonisers, they are debt traps — Malema

South African opposition leader Julius Malema has cautioned African nations against excessive borrowing from global financial institutions, warning that such loans are a “debt trap” that could undermine the continent’s future.

Malema, who leads South Africa’s Economic Freedom Fighters (EFF), gave the warning on Sunday in Enugu while delivering the keynote address at the opening ceremony of the Nigerian Bar Association (NBA) Annual General Conference.

According to him, leaders across Africa continue to mortgage future generations by taking loans with little accountability. “The debt trap of Africa to our foreign colonisers must be stopped. Our leaders commit future generations to debts, yet they will not be here when the colonisers come to collect,” he said.

The firebrand politician disclosed that his party has already introduced the Public Finance Management Amendment Bill in South Africa’s parliament to regulate foreign borrowing. Under the proposed law, the National Treasury would be required to seek parliamentary approval before sourcing loans from institutions such as the World Bank and International Monetary Fund (IMF).

ALSO READ: Poverty, food insecurity remain high despite Tinubu's economic reforms - IMF

Malema’s warning comes amid rising debt concerns in several African countries, including Nigeria and Ethiopia, where loan repayments have eaten into national revenues.

He also called for closer ties between Nigeria and South Africa, noting that both nations hold the resources and human capital needed to industrialise the continent. “Our salvation lies here, in Lagos and Johannesburg, in Abuja and Pretoria, in the hands of Africans who refuse to be divided,” Malema declared.

ALSO READ: We didn't advice Tinubu's govt to remove petrol subsidy - IMF

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