Debts and high taxes plus corruption are the main factors why African countries are still undeveloped. Even if we take $100b we won't move a step forward, cutting debts, will help us to stabilize, govt spending should be checked and focus on utilizing what we've effectively
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For example, Nigerian oil is enough to make every Nigerian rich, they've good soils and other resources but some of their citizens can't save $100 per month, same story with Uganda, we've sugar, energy, soil and other resources but our citizens are still struggling with life.
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Things are improving though. In places like Uganda, Kenya, Tanzania, Ghana the government has taken tangible steps to ensure that gas and oil revenues r balanced between debt-payments, spinoff investment and local beneficiation. It's a processes but we are learning from the past.
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If someone tells you that things are becoming better in Uganda, don't believe them it's a hoax, they're rather becoming worse, we produce sugar but it's cost is high, we've 18% vat this is insane, tax on social media and mobile money, some govt officials are exempted from tax
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Yeah, Uganda has problems, and Museveni is one of them. But if you look at the Ugandan oil refinery, the Ugandan oil fields and the Uganda-Tanzania pipeline - planning seems to have been much better thought out. There's too much riding on Uganda for this fail.
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But never say never I guess.
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Borrower is always slave TO the lender !! Beware always
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an emphantic yes..the chinese loans are expensive and the conditions attached are amount to slavery
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Wary of all debts. We don't even need dead Western nations AID. We just need good governance and not substituting Chinese debt with Western ones.
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Yes! Africa must be worry about not just Chinese debts but any kind of debts. What are the terms and conditions, who are the negotiators, what faith or basis are they negotiating? These questions be be answered first.
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The is not transparency in africa that is why corruption takes place
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Its a way of making us eternally loyal to them. Well, without corruption on our path, it's a win-win for both parties else a win-lose cos the money borrowed may soon find its way to Europe through money laundering
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Africa should be very worried reason being the money we take ends up not fully being accounted for and so the output of the work being done plus the profit can't pay back the debt.
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Yes! It’s a scam, it’s soft emperialism.
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Yes, in Kenya we are currently overtaxed to replay the loans, causing inflation of key commodities like food, most of this loans when they are disbands end up being looted with zero impacts projects
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He should use his country Kenya as a case study. Wallowing in chinese debts
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