Spio-Garbrah proposes debt swaps to fund reparative justice in Africa and Caribbean

Ekwow Spio-Garbrah, the Presidential Special Envoy for Reparations, has suggested a novel approach to fund reparative justice in Africa and the Caribbean: debt swaps. This mechanism would transform a portion of the eligible bilateral debt owed by these countries into investments in development priorities, acknowledging the lasting economic ramifications of slavery and colonialism.

Speaking at the 10th GITFiC Annual Conference, Spio-Garbrah's Programmes Manager, Isaac Obed Sarr, explained that this approach would redirect funds earmarked for servicing debt towards essential development programs. "There is neither charity nor debt forgiveness. Debt forgiveness is a concession. Debt converted for reparative purposes is an acknowledgement," Sarr emphasized.

The proposed investments would focus on education, healthcare, skills development, heritage restoration, and industrial capacity. Importantly, this scheme is not a final settlement of the broader reparations claim. Sarr also highlighted the importance of accountability in fund management, warning that efforts for international redress could be undermined by poor financial management at home.

To move forward, Spio-Garbrah has proposed setting up a joint technical working group to devise a framework for reparative debt swaps, identify a pilot transaction, and coordinate a unified African and Caribbean stance in negotiations with international institutions. His office is prepared to offer technical expertise and support this working group, moving the initiative from advocacy to policy.