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You’ve Heard of the Brady Plan, But What About the “Shanghai Plan” to Restructure Developing World Debt?

Photo by Li Yang on Unsplash

This week’s revelation from the AfDB that Africa’s total public debt now stands at $546 billion, more than all of the revenue collected in 2021 by governments across the continent, is the latest indication that the debt issue is blooming into a full-blown crisis for some countries. 

The escalating problem was on full display last Friday when Moody’s downgraded Ghana’s credit rating, a move that sparked a furious response from the Ministry of Finance in Accra that included accusations of institutional “bias” against African economies.

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