Presidential Special Envoy for Reparations Ekwow Spio-Garbrah has proposed a debt-swap mechanism that would convert portions of eligible bilateral debt owed by African and Caribbean countries into investments in development priorities as part of efforts to advance reparative justice.
The proposal is intended to recognise the lasting economic consequences of slavery and colonialism, rather than treat the conversion of debt solely as a form of debt relief.
Speaking on behalf of Dr Spio-Garbrah at the 10th GITFiC Annual Conference on the 3rd Global Debt Initiative, his Programmes Manager, Isaac Obed Sarr, said the mechanism would allow resources that would otherwise go towards servicing eligible debt to be directed into development programmes.
“There is neither charity nor debt forgiveness. Debt forgiveness is a concession. Debt converted for reparative purpose is an acknowledgement,” he said.
The proposed investments would target education, healthcare, skills development, heritage restoration and industrial capacity.
Mr Sarr stressed that the proposed arrangement should not be interpreted as a final settlement of the broader reparations claim.
He also said efforts to secure reparative justice must be accompanied by accountability in the use of funds, warning that demands for international redress would be undermined by poor financial management at home.
“We cannot ask the world to correct historical injustice while tolerating waste, corruption, and weak institutions at home. Nor demand access to capital by failing to account for its use,” he said.
Dr Spio-Garbrah has called for the establishment of a joint technical working group to develop a framework for reparative debt swaps, identify a pilot transaction and coordinate a common African and Caribbean position for engagement with international institutions.
His office, Mr Sarr said, is ready to provide technical expertise, support the proposed working group and engage African and Caribbean partners to move the initiative from advocacy to policy.
The proposal seeks to link discussions on historical responsibility with practical development investments, while making financial accountability a central part of the process.