South African opposition leader, Julius Malema, has warned that loans obtained from international financial institutions such as the World Bank and the International Monetary Fund (IMF) can mortgage the future of African nations if not properly regulated.
Malema, who spoke at the opening of the Nigeria Bar Association’s Annual General Conference in Enugu, described the loans as “debt traps” that may appear to provide temporary relief but ultimately weaken African economies and enslave future generations.
According to him, African leaders often secure these loans without considering the long-term consequences, leaving citizens and unborn generations to shoulder the burden of repayment.
To address the problem, Malema revealed that his party, the Economic Freedom Fighters (EFF), had introduced the Public Finance Management Amendment Bill in South Africa’s Parliament. The bill, if passed, would compel the National Treasury to seek parliamentary approval before contracting foreign loans and to ensure full disclosure of the terms and conditions.
He stressed that transparency and accountability are vital to protect African nations from being trapped in cycles of debt dependency.
Malema also praised Nigeria for its historical role in supporting South Africa’s liberation struggle, calling for stronger partnerships between the two nations. He urged African countries, particularly Nigeria and South Africa, to work together to industrialize the continent, process natural resources locally, and reduce reliance on foreign powers.
“Our salvation lies here—in Lagos and Johannesburg, in Abuja and Pretoria,” Malema declared, insisting that Africa’s development must be rooted in self-reliance rather than external borrowing.
