The game plan of China is quite simple. Give staggering loans to inept leaders and keep the details of repayment from the prying eyes of the public. Eventually, if debtors are unable to service their debts, China takes over their collateral which is mostly in national assets. But this does not comprehend the severity of the situation Africa finds itself.
The Zambian government contracted the Chinese, lazy-thought and glossed over details thinking they were granting consent to genuine terms but the whole thing just morphed into modern day colonialism.
China is now proposing to take over the Kenneth Kaunda International Airport should Zambia Government fail to pay back its huge foreign debt on time.
That moreover is not the only thing Zambian suffered from China; the Chinese own 60% shares of the Zambian National Broadcasting corporation which means, Chinese have an influence over what should or should not be premiered on their sets. Zambia National Broadcasting Corporation. ZNBC is repossessed because they have ring-fenced the cash flows of the national broadcaster for the next 25 years.
China doesn’t believe that Zambia has the capacity and the required fiscal discipline to raise the over US$270 million digital migration loan, so to avoid incurring a loss from our failure to pay, they have decided to collect the money straight from the ZNBC viewers into the Chinese accounts.
Records show that a substantial number of African countries has taken Chinese loans since 2000, totaling a whopping $124 billion by 2016. Of course, there have been more after that. But, Africa is only a victim of its own ignorance as the world had severally warned of China’s end goal.
For instance, around 72 percent of Kenya’s $50 billion bilateral debts is owed to China, with the East African country requesting an additional $3.8 billion extension. Nigeria also recently accrued some $5 billion in loans from China, and Angola still owes about $21.2 billion with a pending proposal for another $4.4 billion.
China has made its intentions to dominate the global economy clear enough for any serious mind to realize. It knows the enormous potentials Africa possesses, and it will go the extra length to utilize them for its selfish mission. Just like Europe did with colonialism.
These deals have allowed China access to the country’s national resources, the question on our minds now is.. which African Country is next on the list ? Ghana, Nigeria ? Only time will tell.