Économie : Macky Sall explique pourquoi en Afrique on s’endette plus cher que des pays européens
In an interview with the YouTube channel H5 Motivation a few days ago, former Senegalese President Macky Sall addressed the issue of debt in Africa and the reason why African countries are borrowing more than their counterparts on the old continent. His explanations suggest that everything stems from the ratings assigned by American rating agencies.
“Depending on the level of risk, you pay for insurance which can be very high.”
"The international system is organized in terms of debt, by the law of the market, the capital market. And this market is dominated by the United States. They were the biggest capitalists, and so very early on, before the others, they understood that mechanisms were needed. The biggest rating agencies, Fitch, Standard and Poor's, and Moody's, are all American," notes Macky Sall.
These are the agencies that "rate all the countries in the world, all the projects, and depending on the rating they give you, your positioning determines the level of risk that is assigned to you. And depending on the level of risk, you pay insurance, which can be very high, because you are perceived as a risky country, and therefore you get into more debt," explained the former Senegalese president.
“We are going into debt 5 times, even 8 times more expensive”
For him, it's because of these ratings that are unfavorable to Africa that the continent's countries are suffering so much. "We're getting into debt 5 times, even 8 times more. In Africa, as soon as a tire is burned, we say 'there's a protest, that's it, the country is burning, it's instability.' Yet, in the West, it's also burning, but no one talks about it. It's not shocking. Just because we're burning and destroying things in Western capitals doesn't necessarily mean it's going to affect their rating," observes the former commander-in-chief of the country of Teranga.
In short, what "costs us more is this rating, not the debt itself." When we talk to the Big Three, they say that Africa does not have enough data, informs Macky Sall. For him, these agencies have "a format, and if you are not in this format, we consider that you do not have enough information to inform the investor."
Provide as much data as possible to these agencies
The former head of state believes that Africa will now have to organize itself to provide as much data as possible to these rating agencies, drawing on information from its banks, civil societies and governments, but also on the Mo Ibrahim index.
He also hopes that the next pan-African rating agency will work in concert with the Mo Ibrahim Foundation in order to be able to dialogue with the Big Three.
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Depuis quand Maky sall peut s’ériger en économiste ????
Et il prend les gens pour des imbéciles quand il veut nous faire croire qu’il peut être SG de l’ONU.
1) d’abord ce poste obéit à un principe de rotation
2) il est inimaginable qu’on l’occupe quand on n’a pas le soutien de son propre pays
Il n’y a que les gens pas informés qui prennent ces déclarations pour argent comptant
Maky a raconté des inepties
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