Sovereignty: The Only Way Out of Africa's Debt Trap.
We devote one-third of our budget to servicing the external debt, only to then struggle to get that very debt canceled. This is how I summarize the HIPC Initiative, which Côte d'Ivoire reached in 2009 and then again in 2017. We must therefore ask ourselves the right question: why do we borrow? To invest, we are told. And the key element any investor looks at before investing is the ROI (Return on Investment), the profit that investment could generate. So, logically, we invest in a profitable activity; unless our desire is to lose money and end up buried in debt if the investment capital comes from a loan. And so, we find ourselves with a debt service we struggle to honor, hence the recourse to debt relief. And as soon as we obtain this debt relief, we can borrow again to invest in what is not profitable for us, consequently, we cannot meet our financial obligations; we resort once more to debt relief. Thanks to this debt relief, the funds we used for debt service could...