South African opposition leader Julius Malema has urged African nations to resist loans from Bretton Woods institutions and similar bodies, warning that such borrowing threatens the continent’s future.
Speaking on Sunday in Enugu as keynote speaker at the opening of the Nigerian Bar Association (NBA) Annual General Conference, Malema called these loans “a debt trap” that could mortgage generations to come.
“The debt trap of Africa to our foreign colonisers must be stopped. That begins with regulating loans our leaders sign off on, because they will not be here when the colonisers come to collect,” Malema told the gathering.
EFF Pushes Loan Oversight in Parliament
The Economic Freedom Fighters (EFF) leader revealed that South Africa’s parliament is moving to regulate such borrowing.
“The Public Finance Management Amendment Bill, which the EFF introduced, will require the National Treasury to obtain parliamentary approval before sourcing foreign loans and to ensure transparency regarding such loans and their conditions,” he said.
His comments came amid mounting concerns about Africa’s rising debt burden, with countries such as Nigeria and Ethiopia among those heavily indebted.
Nigeria, South Africa Urged to Unite
Malema also praised Nigeria for its historic support during South Africa’s anti-apartheid struggle, stressing the need to deepen that partnership.
“Together, we hold the minerals that power modern technology, the energy resources that drive global industry, and the human capital to build a self-sufficient continent. Nigeria and South Africa must industrialise side by side, build factories, and process resources on African soil,” he said.
‘Africa’s Salvation Lies Within’
Malema insisted Africa’s progress will not come from Washington, London, Brussels, or Beijing.
“Our salvation lies here, in Lagos and Johannesburg, in Abuja and Pretoria, in the hands of Africans who refuse to be divided,” he declared, drawing loud applause from thousands of lawyers and dignitaries.