King Oyanka, the newly appointed Chairman of the International Human Rights Association for West Africa and Traditional Royal Ruler of the Ga Tunmmaa We Royal Dynasty of Accra, Ghana, has fired a strong warning at African leaders over what he describes as the dangerous overreliance on debt to drive development. Speaking during an exclusive interview with international media in Thailand, King Oyanka challenged governments across the continent to rethink their economic strategies and adopt models built on accountability, resource management, and effective governance rather than excessive borrowing.
According to King Oyanka, the governance and borrowing landscape in Africa remains deeply complex and troubling. “Africa faces significant challenges in managing debt and promoting economic growth. The question is: what are African countries doing with all the mineral resources they possess? Where are all the revenues from different sectors and ministries going?” he quizzed.
His questions strike at the heart of a paradox that has haunted the continent for decades—nations rich in gold, oil, diamonds, bauxite, cocoa, and other resources continue to borrow heavily to fund infrastructure and basic development, while revenues from these resources remain unaccounted for. King Oyanka argued that this approach is unsustainable and weakens the foundation of African economies.
The Debt Burden and Its Implications
King Oyanka pointed out that many African countries struggle with alarmingly high debt levels, which severely limit their ability to invest in meaningful development projects and provide essential services that directly benefit citizens. Instead of channeling available revenues into productive ventures, governments often fall into a cycle of borrowing to finance budgets, pay salaries, or fund politically motivated projects that have little long-term value.
This reality, he stressed, is exacerbated by illicit financial flows, harmful tax practices, and an unhealthy overreliance on Official Development Assistance (ODA). Billions of dollars leave the continent annually through corruption, underreported mineral exports, and profit shifting by multinational corporations. “Africa cannot continue to ignore these leakages while at the same time borrowing from international lenders to build schools, hospitals, or roads. That model will never create a resilient economy,” King Oyanka stated.
The Role of Governance
In his analysis, King Oyanka emphasized that governance is the central factor that determines whether debt will accelerate growth or deepen economic fragility. Strong institutions, effective government policies, and a culture of accountability, he argued, are non-negotiable for sustainable growth.
“Governance plays a crucial role in determining the impact of external debt on economic growth. Factors like government effectiveness, political stability, voice and accountability, regulatory quality, and corruption control significantly influence a country’s ability to manage debt and promote growth,” he said.
Research supports this position. Several studies have shown that the interaction of governance indicators, external debt, and debt volatility can positively impact economic growth in Sub-Saharan Africa when managed effectively. Simply put, good governance can mitigate the negative effects of borrowing, while poor governance magnifies them.
Transparency and Accountability
King Oyanka stressed the urgent need for African governments to embrace transparency and accountability in public borrowing. He warned that many citizens are unaware of the actual terms of loans signed in their name, including interest rates, repayment schedules, and conditionalities imposed by lenders. This lack of openness, he argued, undermines trust and creates space for misuse.
“Improving government transparency and accountability in public borrowing is essential for promoting sustainable debt management and economic growth. People deserve to know how much is borrowed, how it will be spent, and how it will be repaid,” King Oyanka stated.
He further noted that transparency is not just about publishing figures but also about ensuring that loans are tied to productive investments that generate jobs, improve livelihoods, and create wealth for future generations.
Recommendations for African Leaders
King Oyanka called on African governments to embrace reforms anchored on three core pillars: governance, effective debt management, and visionary leadership.
1. Prioritize Good Governance
Governments should strengthen institutions, ensure political stability, minimize corruption, and implement sound regulations that support private sector growth and innovation. A stable political environment and strong institutions attract investment and reduce the need for excessive borrowing.
2. Practice Effective Debt Management
Borrowed funds should be carefully supervised and directed toward productive activities with measurable economic impact. Investments in industrialization, value addition to raw materials, and digital infrastructure will yield far better returns than loans consumed by recurrent expenditure.
3. Maximize Resource Utilization
African leaders must ensure revenues from natural resources are harnessed transparently and reinvested in social and economic development. Properly managed mineral wealth alone could eliminate the need for many countries to depend on external debt.
4. Encourage Regional Cooperation
King Oyanka also urged African states to strengthen regional cooperation to curb illicit financial flows, harmonize tax policies, and negotiate better deals with multinational corporations. By speaking with one voice, Africa can safeguard its wealth and reduce external dependency.
A Call for a Paradigm Shift
King Oyanka’s remarks echo a growing chorus of voices calling for a paradigm shift in Africa’s economic strategy. Rather than being locked in a cycle of dependency on international lenders, the continent must harness its abundant resources, invest in human capital, and build economies that are resilient, innovative, and self-sufficient.
“Borrowing to build without accountability is like pouring water into a basket. Africa cannot grow a stronger economy on borrowed funds alone. The foundation must be built on our own resources, managed responsibly and transparently for the benefit of our people,” he concluded.
Conclusion
King Oyanka’s bold critique and recommendations come at a critical moment when many African nations are grappling with rising debt-to-GDP ratios, declining revenues, and increasing pressure from global lenders. His call is a reminder that the future of the continent depends not just on financial inflows but on visionary leadership, integrity, and prudent management of Africa’s vast wealth.
Only then can Africa build the kind of strong, independent economies that do not just survive on loans but thrive on the strength of their people and resources.
