Articles on political and social issues in Cameroon, Africa and the world as seen by Njei Moses Timah > Why Africans Must Stand up Against Vulture Funds


7 Sep 2009

Greedy wealthy people are hiding behind the complexity of the international financial system to remove food from the mouths of starving African children. Yes, they are even sucking the blood of wretched people on the continent. One method is by utilizing Vulture Funds. To appreciate the meaning of vulture funds, you need to watch the vulture bird in action against a weakened animal. When vultures notice that a handicap or weakened animal or even a human being is struggling on the ground and can barely walk, they swoop on the suffering creature and start devouring it alive. They never prey on the strong and healthy. They only target the weak and vulnerable. When they are through, only a skeleton remains. In the context of this article, ‘vulture funds’ is a pool of investment money that is used to purchase the debts of poor countries at heavily discounted rates. The owners of the ‘vulture funds’ then employ heavy-handed methods to recover the full value of that money plus interest and legal cost from the debtor country. In most cases these are debts that are bad or about to be written off or cancelled.

The following African countries are reportedly being targeted by Vulture funds; Cameroon, Congo, Ethiopia, Sierra Leone and Uganda. In order to appreciate what awaits them in the hands of vultures, read this case study of Zambia (by courtesy of Jubilee Debt Campaign) http://www.jubileedebtcampaign.org.uk/Case%20study:%20Zambia+2968.twl

For us in Africa especially in Sub Saharan Africa, we see this as another variant of the blood sucker world order that has kept us wretched and in bondage for more than 2000 years. In the first place, the alleged indebtedness of African countries is false. (Read why it is false on this link http://www.njeitimah-outlook.com/articles/article/2076046/27136.htm).  It is simply immoral for any predatory individuals masquerading as vulture funds to capitalize on those questionable debts to rob vulnerable people on this continent of suffering people.

Africans, as victims of history are already bearing a disproportionate burden. This is accentuated by ongoing capital flight, brain drain and anarchy associated with the looting of natural resources. We certainly cannot afford another scenario in which faceless vultures are involved in debt gambling at our detriment. Please give us a break.

 

Njei Moses Timah