HOW AFRICA IS BEING ENSLAVED THROUGH FOREIGN DEBTS

 The yoke of indebtedness is broken because of the anointing of God's favour upon you.

Good -Life Devotional: HOW  AFRICA IS BEING ENSLAVED THROUGH FOREIGN DEBTS 

By Rev Michael Benson Ajayi 

    Many African nations gained political independence in the twentieth century, yet many scholars, economists, and African leaders argue that a new form of control exists through unsustainable foreign debt, unfair trade systems, and dependence on international financial institutions. This is often described as “debt slavery” or “neo-colonialism.” While loans can help development when managed wisely, debt can become a tool of pressure when repayment conditions weaken sovereignty, force harsh economic policies, or keep nations trapped in poverty cycles.

The Bible warns about the dangers of debt and financial domination .  Proverbs teaches: “The rich rules over the poor, and the borrower becomes the lender’s slave” (Proverbs 22:7 AMP). This verse reflects how nations heavily dependent on foreign loans may lose economic freedom and bargaining power.

    Many African countries borrow to build infrastructure, stabilize currencies, or fund national budgets. However, high interest rates, corruption, currency devaluation, and unfair global market systems can make repayment difficult. In some cases, countries spend more on debt servicing than on healthcare, education, agriculture, or job creation. This weakens development and increases dependence on more borrowing.

   The Bible also condemns exploitative economic systems. African leaders engaged in this are described in Psalms 37:21 " " The wicked borroweth, and payeth not again: ..." Habakkuk warned against those who enrich themselves through unjust gain: “Woe to him who increases that which is not his—how long? And makes himself rich with loans” (Habakkuk 2:6 AMP). Likewise, Isaiah 10:1–2 condemns policies that deprive the poor of justice.

   Some critics point to structural adjustment programs imposed by institutions like the International Monetary Fund and World Bank in past decades. These programs sometimes require cuts in subsidies, privatization, or austerity measures that hurt ordinary citizens while protecting creditor interests. Others argue these institutions also provide necessary financial support and reforms. The issue is therefore complex and cannot be reduced to a single narrative.

    Scripture encourages wisdom, stewardship, and economic justice:

“Owe nothing to anyone except to love one another” (Romans 13:8 AMP).

    Joseph’s economic planning in Genesis 41 shows the importance of saving and preparation during seasons of abundance.

   Deuteronomy 15 promotes debt release and care for struggling people, showing God’s concern against perpetual economic bondage.

   Africa’s long-term freedom will require righteous leadership, transparency, reduced corruption, strategic investment, industrial growth, education, fair trade partnerships, and economic self-reliance. Psalm 33:12 says, “Blessed is the nation whose God is the Lord.”    Spiritual renewal must be joined with wisdom, justice, and responsible governance for nations to truly prosper.

PRAYER: Heavenly Father forgive me of my sins against you I believe Jesus Christ died and was raised again for my salvation I receive him Lord and saviour and receive the Holy Spirit and power promote righteous governance +2348035536911 email. michaelbensonajayi@gmail.com