Africa Unable to pay its Debts, oau Chief Says

Organisation of African Unity Chairman Denis Sassou-Nguesso said Africa was unable to pay its debts due to falling export prices.

“Even if African countries want to pay their debts they will not be able to,” Congolese president Sassou-Nguesso told a news conference at a meeting between foreign and African experts on the continent’s economic prospects.

“You cannot be expected to do the impossible. All our commodity exports, without exception and even oil, have fallen in value on international markets,” he added.

“In these conditions can African countries continue to respect their debt servicing?” Sassou-Nguesso asked.

He said the debt issue would be the main subject at next month’s OAU summit in Addis Ababa and would not rule out the possibility of a joint “debtors’ revolt” there.

“Let us wait and see,” he replied when asked about the possibility.

Debts of sub-Saharan African countries total less than 100 billion dlrs, according to the Economic Commission for Africa which is organising the current meeting in Nigeria’s future capital.