In 1987, a charismatic leader stood before the Organization of African Unity in Addis Ababa, delivering a speech that would resonate through the decades. Thomas Sankara, then President of Burkina Faso, issued a clarion call for African nations to unite against what he saw as the suffocating burden of international debt. Today, in 2024, his words ring with a haunting prescience, as the continent continues to grapple with many of the same financial challenges he so passionately decried.
Sankara’s speech was a tour de force of anti-colonial rhetoric and economic pragmatism. He argued that the debt imposed on African nations was not just a financial obligation, but a tool of neo-colonialism, designed to keep the continent subservient to foreign interests. “Debt is neo-colonialism, in which colonizers have transformed themselves into ‘technical assistants,'” he declared, coining the term “technical assassins” to describe the lenders who, in his view, were strangling African development.
The Burkinabé leader’s most radical proposal was a united African front to refuse debt repayment. He contended that the debt was not only unpayable but morally unjust, rooted in the exploitation of colonialism and sustained by an unfair global economic system. Sankara’s call to action was clear: “We cannot repay the debt because we are not responsible for this debt. We cannot repay the debt, and we don’t have to repay it.”
Fast forward to 2024, and the landscape of African debt looks disturbingly familiar. Despite decades of development initiatives, debt relief programs, and economic reforms, many African nations remain trapped in cycles of borrowing and repayment. The COVID-19 pandemic has only worsened these issues, pushing several countries to the brink of debt distress.
What’s particularly striking is the absence of voices like Sankara’s in today’s discourse. While there are ongoing discussions about debt sustainability and occasional calls for relief, the radical, unified stance that Sankara envisioned seems all but forgotten. No current leader has stepped forward to rally the continent around debt refusal or to challenge the fundamental legitimacy of the debt as Sankara did.
Instead, we see a patchwork of individual negotiations, temporary moratoriums, and restructuring deals that, while providing short-term relief, do little to address the systemic issues Sankara identified. The “Addis Ababa Club” he proposed — a united African front against debt — never materialized, and African nations continue to approach the debt issue individually, often at a significant disadvantage against international creditors.
Moreover, the nature of African debt has evolved. While multilateral institutions and Western governments were the primary lenders in Sankara’s time, today’s landscape includes a complex web of private creditors and new state lenders, particularly China. This diversification of debt sources has made coordinated action even more challenging.
Sankara’s critique extended beyond just the financial aspects of debt. He saw it as part of a broader system of exploitation that included arms sales between African nations and the imposition of foreign economic models. His call for an African market “for Africans” — promoting local production and consumption — remains relevant in an era of global supply chains and economic interdependence.
As we reflect on Sankara’s speech from the vantage point of 2024, it’s clear that while much has changed, the fundamental issues he raised persist. The debt burden continues to impede African development, and the continent’s relationship with international finance is still entrenched in inequality and inequity.
The absence of a unified, continent-wide approach to debt, as envisioned by Sankara, is particularly notable. While there have been initiatives like the African Continental Free Trade Area (AfCFTA), which aim to increase intra-African trade and economic cooperation, a cohesive strategy on debt management and resistance is still lacking.
Sankara’s vision of an Africa free from the shackles of debt may seem utopian in today’s complex global economy. However, his core message — that African nations must take control of their economic destinies and resist exploitation — remains as relevant as ever. As the continent faces new challenges, from climate change to demographic shifts, the need for innovative, Africa-centric solutions to the debt crisis is more pressing than ever.
Thomas Sankara’s life was cut short just months after delivering this speech, but his words continue to challenge us. They remind us of the power of bold, principled leadership and the importance of questioning established economic paradigms. As Africa navigates the complexities of global finance in 2024 and beyond, Sankara’s critique serves not just as a historical curiosity, but as a persistent call to action — one that, so far, remains largely unanswered.