The progress of the enormous debts which at present oppress, and will in the long-run probably ruin all the great nations ... -Adam Smith A linguistics sociologist once defined a  as something one can smell, touch and feel. African foreign debt is an enormous disaster; its ugly consequences litter everywhere even along the roadsides. Yes, a great disaster indeed! You can smell it, touch it and feel it in Africa’s heartland. Africa received $540 billion loans between 1970-2002, she paid back $550 billion (i.e. principal with interest inclusive) and she still owned $295 billion as at the end of 2002.…

In this continent, the four horsemen of the apocalypse - conquest, conflict, famine and death are no mere visitors. They have taken up residence. -Martin Wolf (Financial Times)In view of mismanagement of Africa’s resources and funds; even the looting of her treasury by some of her leaders, it can be said thereof, that corruption has attained an alarming proportion in the continent. In fact, it has eroded the system. It may therefore, sound incredible and laughable when one suggests that time has come for a cancellation or rather a major debt relief to Africa’s enormous foreign debt.The cost of the…