Accountability

The African Sovereign Debt Justice Network, (AfSDJN), is a coalition of citizens, scholars, civil society actors and church groups committed to exposing the adverse impact of unsustainable levels of African sovereign debt on the lives of ordinary citizens. Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid.

This webinar will discuss accountability in Kenya’s proposed debt swaps, with a focus on the case of In the Matter of the Treaty for the Establishment of the EAC: Eugenia Wanjiru Gikonyo v The Attorney-General of the Republic of Kenya (EACJ Debt Swaps Case). The case was recently filed at the East African Court of Justice, by Ms. Gikonyo and Afronomicslaw.

January 26, 2021

 

The book offers an updated and comprehensive view of the status of the different legal regimes that govern sovereign debt operations. While this book was not written with the outbreak in mind, it provides unique insights into the legal challenges that states and policy makers from the global south ought to consider when facing the challenges of the post Covid-19 world.  The following post offers some takeaways from the book.

All in all, what should be kept in mind is that, as the wise Canadian thinker and diplomat Ivan Leigh Head once noted, an element of law (and of accountability), some measure of it, will be needed in the effort to realize the right to development. It is for this reason that the African example of establishing meaningful regional-level accountability mechanisms in the development field, undergirded by hard law, ought to be replicated at the UN level.

This essay highlights the traditional, hybrid and private regulation-inspired approaches through which the private sector arguably facilitates the achievement of the SDGs. Private regulation is not a silver bullet in the global quest for sustainable development, considering the inherent legal, administrative, institutional and political concerns. However, seeing the private sector as a partner in rule making and enforcement opens a realm of possibility in terms of possible collaborative models among stakeholders towards achieving the SDGs.

In my view, one simple and safe guiding principle for Caribbean states could be whether the proposals on the table advance or diminish the protections guaranteed by the rule of law.  These protections include: supremacy of law, equality, accountability, fairness, separation of powers, participation in decision-making, certainty, avoidance of arbitrariness and procedural and legal transparency.  Using this as the guiding principle, small states can meaningfully contribute to the debate.