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The Legal Foundations of the African Public Debt
Public debt in African economies poses a range of challenges and opportunities that necessitate a comprehensive examination. This research paper aims to address a key question: What are the challenges and opportunities associated with public debt in African economies, and how can they be addressed through a comprehensive understanding of the historical emergence, legal foundations, theoretical dimensions, creation processes, rights and liabilities, and transparency mechanisms related to public debt? To shed light on this inquiry, the paper delves into the complex and multi-layered issue of public debt in African economies, aiming to provide an in-depth examination. It traces the historical emergence of public debt, positioning it as a product of colonial constructs and contract law. Furthermore, the paper elaborates on the legal foundations of public debt, which are grounded in both national and international law. The study navigates through the theoretical backdrop of public debt, casting light on its economic, legal, and human rights dimensions. It further delineates the intersections of these theories in the realm of public debt mitigation. By exploring these aspects, the paper seeks to contribute to a deeper understanding of the challenges and opportunities associated with public debt in African economies. Continuing the analysis, the research scrutinises the genesis of public debt and the associated legal instruments in detail. It describes the process of debt procurement, key actors involved, and contractual provisions. Moreover, it explores various debt instruments, including bonds, treasury bills, notes, and sovereign loans. The rights and liabilities arising from these debt instruments are also discussed, with a keen focus on the key considerations for efficient and effective public debt management. […]