Africa’s fiscal reality is sobering. Across the continent, nations are trapped in debt cycles so severe that in some countries, over half…Continue reading on Coinmonks »Africa’s fiscal reality is sobering. Across the continent, nations are trapped in debt cycles so severe that in some countries, over half…Continue reading on Coinmonks »
From Debt Servitude to Sovereignty: The Case for Bitcoin in Africa
Africa’s fiscal reality is sobering. Across the continent, nations are trapped in debt cycles so severe that in some countries, over half of government revenue goes to servicing loans. Instead of building schools, hospitals, or roads, African states recycle their citizens’ taxes back to creditors.
For decades, the blame has been pinned on African incompetence, corruption, or weak governance. But what if this story is incomplete? What if Africa’s fiscal crisis is not a symptom of failure, but the outcome of a global financial system designed to keep latecomers in perpetual debt?
The Trap of Fiat for Latecomers
Modern Monetary Theory, Keynesian economics, and the fractional reserve system were designed for nations that issue global reserve currencies. They can borrow endlessly, print at will, and inflate away obligations.
Africa cannot. When African governments borrow in dollars, euros, or yuan, they must repay in those currencies — no matter the state of their local economies. A shock in global commodity prices, or a currency devaluation at home, can double the cost of foreign debt overnight.
Kenya’s recent negotiations with China illustrate the trap. By shifting dollar loans into yuan, Kenya sought to escape…
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