Pope Francis reminded him of the world of deep truth. An economy that abandons people is not only unfair, but it is unsustainable.
This is less obvious than the growing sovereign debt crisis across Africa.
Today, more than half of low-income African countries are either in debt difficulties or at high risk. The government is forced to choose to pay off external creditors and invest in health, education or climate resilience. In some countries, debt services consume more than 40% of public revenue. This is more than twice what is spent on social protection.
This is not just a result of ligacy. It was the result of a broken international system, and was correctly criticized by Pope Francis for placing financial markets beyond human dignity.
The outcome is tough. The economy is stalling. Investment is dry. Frustration and despair grow among a generation of Africans who should drive global prosperity, but instead feel their future is mortgaged. This is not just an issue in Africa. It's global. In an interconnected world, spiral instability is a threat everywhere, anywhere.
But change is possible – if you have the courage to act.
In recent years, Pope Francis has been an unusual voice that morally articulates debt. Through international summits and his writings, he urged his leaders to seek a “new ethics” of global finance and ensure that debts “do not compromise the future” of the nation as a whole. His leadership comes at a critical time. The mechanisms we rely on to manage our sovereign debts are broken. The G20's common framework has been proven to be slower and teeth free. Private creditors, who currently make up a large portion of Africa's foreign debt, often refuse to negotiate in good faith, and public institutions maximize profits while absorbing risk.
The result is paralysis. Countries have remained in the restructuring process, which has been too slow to recover, and too slow to restore reliability.
What Africa needs and the world needs are modern debt settlement processes based on fairness, speed and shared responsibility.
First, an independent global debt training mechanism must be established. This is a neutral forum bound by clear rules that allow you to efficiently and fairly restructure your sovereign obligations. If businesses can declare bankruptcy despite shame, then the country should not be condemned by endless fiscal purgatory when doing the same.
Second, private creditors must be forced to participate in the restructuring on an equal basis with public lenders. The spontaneous approach failed. The laws of major financial centers must ensure fair participation is a legal requirement.
Third, Africa's financial architecture must change fundamentally. The continent needs stronger African institutions that can provide grants, equity investments and better debt certificates.
Finally, the African government must take more responsibility for its citizens. They need to increase taxes responsibly for the GDP ratio, crack down on illegal financial flows, spending efficiently rather than appropriate. They also need to invest more wisely in the skills citizens need for the right job and in the ability of debt management firms to ensure better deals that will pay off in the long run. This will require resources, but some of it may be borrowed. Debt is not necessarily a bad thing. If used productively.
These are not charity acts. They are investments in global stability, prosperity and security for a better future for children, paving the clearest path to economic change. Home to the world's youngest and most dynamic population, thriving Africa is essential to a thriving world.
Pope Francis reminded us that the market must serve people. Debt should be a tool for development rather than control. Remember what he said from Bolivia in 2015. This will resonate with truth in ten years. “The first challenge is to serve the economy.”
In the wake of his death, the tribute properly praised his compassion, humility and courage. However, dealing with debt inequality could be one of his most lasting legacies.
Now, responsibility lies with all of our policymakers, investors and voters facing simple but profound choices. Repair broken systems or entrench global injustice that will be sacrificed to the world.
History remembers what we decided.
