1960s to 2010s · Africanspan
African debt runs from 9 billion dollars in 1970 to 321 billion in 1997
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The debt began with loans taken in the 1960s and 1970s for projects that never paid, and compounded when governments borrowed again to service what they already owed. Export prices fell, terms of trade worsened, and states lost the revenue to run themselves. Africa's total debt went from 9 billion dollars in 1970 to 321 billion by 1997, and interest on unpaid arrears took a growing share of national output that would otherwise have gone to schools and clinics. Western aid averaging 12 billion dollars a year through the 1990s was a stopgap, and it gave the donors an unprecedented voice in the internal policy of sovereign countries. The money came with conditions attached: liberalise, privatise, cut state spending on health and education. The campaign to cancel the debt was the newest in a line of public causes that began with the movement to abolish the slave trade, and like the missionary appeals of the nineteenth century it treated the continent as a condition to be corrected.
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