Abstract
Available data indicate that sub-Saharan African countries are highly indebted to various developed nations and donor agencies, with an unfavorable debt-to-Gross Domestic Product (GDP) ratio. Thus, Africa’s indebtedness to satellite countries has continued to impair sustainable development in the continent. This study probed the African debt crisis with a view to offering new insights into the embedded politics behind continued borrowing and repayment policies. The study utilised qualitative research design and dependency theory. It observed that while debt is a global phenomenon, the sub-Saharan Africa countries are heavily indebted, and despite the excessive borrowing, much has not been achieved. Instead, the growth rate has been slow, and poverty has been on the increase. The study contended that there has been deliberate collusion between the African governing elite and satellite countries through neo-liberal economic policies to keep the sub-continent subservient in all ramifications. This has made the sub-continent perpetually dependent on the lender entities thereby entrenching a systematic plundering of African resources through unfavourable debt servicing and loan repayments. The study posited further that the prevalent connivance between the African governing elite and the satellite countries would continue to goad rising debt profiles and undermine the economic growth and development in sub-Saharan Africa if strategic measures on debt management are not put in place and fully entrenched. The study makes a case for an inward-looking approach and efficient management of available natural resources to generate necessary income and explore other export opportunities to drive the economy to overcome rising debt profiles in sub-Saharan Africa.