Taming the Spectre of Unsustainable Public Debt in Africa

Abstract Public (or sovereign) debt constitutes the source of a significant portion of the regular budget of African countries and is central to the management of their economies. Public debt involves decisions regarding the distribution of resources, benefits, and burdens, including across generations—issues that lie at the heart of democratic theory. Considering its significant implications both for the economy and democracy, it is critical to assess the extent to which African constitutions regulate public debt. This is particularly important today, with growing and, in some cases, unsustainable debt levels and reports of ‘debt traps’ in which some African (and other) governments may be forced to hand over key infrastructure to foreign states to settle ominous debts. This chapter discusses the potential role of constitutions in the proper management and control of public debt. There is currently little literature on constitutions and public debt, particularly in the African context. This contribution seeks to trigger conversation at the political and scholarly level on the appropriate role of constitutions in regulating public debt and ensuring transparency and accountability in the mobilization and use of public debt.