Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    ;
    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Finance > African leaders to push for slavery reparations despite resistance
    Finance

    African leaders to push for slavery reparations despite resistance

    African leaders to push for slavery reparations despite resistance

    Published by Global Banking and Finance Review

    Posted on February 13, 2025

    Featured image for article about Finance

    By Catarina Demony

    (Reuters) - African leaders meeting in Ethiopia this weekend are to launch a new push for slavery and colonial reparations, but can expect to be stonewalled by former colonial powers, most of which have ruled out making amends for historical wrongs.

    While the issue of reparations has gained momentum worldwide, so has the backlash. U.S. President Donald Trump has said he "doesn't see it (reparations) happening" and many of Europe's leaders have opposed even talking about it.

    At the African Union summit in Addis Ababa, leaders plan to shape a "unified vision" of what reparations may look like, from financial compensation and formal acknowledgement of past wrongs to policy reforms.

    "Reparations is the hot topic in Addis Ababa," the AU's economic, social and cultural council, ECOSOCC, wrote on X.

    From the 15th to the 19th century, at least 12.5 million Africans were kidnapped, forcibly transported by mostly European merchants and sold into slavery.

    The debate on reparations needs to address the legacy of colonialism and slavery today, from racism to the economic disparities between Africa and wealthy Western nations, said ECOSOCC, which has been advising member states on the issue.

    "It is increasingly becoming impossible to not acknowledge the damage caused by slavery and colonialism," said Zimbabwean lawyer and reparations expert, Alfred Mavedzenge.

    The continent's debt crisis can be traced back to African nations being saddled with heavy debts upon independence. Climate change can also be linked to colonialism: Africa is responsible for just a fraction of carbon emissions, but its fragile ecosystems have borne the brunt of global warming.

    'MORE THAN JUST COMPENSATION'

    Much of the debate around reparations, particularly in former colonial powers such as Britain and Portugal, has focused on financial payments but advocates say making amends for the past can take many forms.

    "Reparations are more than just compensation," said ECOSOCC's head of secretariat William Carew. "It is about... ensuring future generations inherit a world that acknowledges their past and propels them towards a brighter future."

    The AU said in a statement that reparations for Africa could entail land restitution in countries where land was taken from indigenous populations to the return of cultural artefacts.

    It also highlighted the need for changes in policies that perpetuate inequalities and for international bodies, such as the United Nations, to hold former colonial powers to account.

    "This might involve diplomatic pressure or legal actions at international courts," said the AU.

    In 2023, the AU joined forces with the Caribbean community CARICOM to demand reparations. CARICOM has its own reparation plan, which, among other demands, calls for technology transfers and investments to tackle health crises and illiteracy.

    RIGHT-WING BACKLASH

    But 30 years since the AU's forerunner, the Organisation of African Unity, issued a declaration demanding reparations, there has been little progress.

    Jose Maria Neves, president of the African island nation of Cape Verde, has said right-wing populism and its impact on moderate politics has made it difficult to hold a serious debate over the issue.

    In Portugal, which enslaved more Africans than any other nation, far-right party Chega proposed charging the president with treason for suggesting there might be a need for reparations.

    In Britain, right-wing populist Nigel Farage said Prime Minister Keir Starmer would be "weak" if he engaged in talks on the issue. In France, where the far-right is on the rise, President Emmanuel Macron has ruled out reparations, calling for "reconciliation" instead.

    "My greatest concern is that there will just be a conversation at this (AU) summit but the resolutions will not be implemented," Mavedzenge said.

    (Reporting by Catarina Demony in London; Editing by Ros Russell)

    Related Posts
    UK's FTSE 100 falls as oil, defence stocks weigh; domestic unemployment climbs
    UK's FTSE 100 falls as oil, defence stocks weigh; domestic unemployment climbs
    Sterling rises after UK economic data, US figures in focus
    Sterling rises after UK economic data, US figures in focus
    Sonnedix wins contracts for 805 MW of solar capacity in Italy
    Sonnedix wins contracts for 805 MW of solar capacity in Italy
    German financial watchdog finds non-compliance at local Standard Chartered unit
    German financial watchdog finds non-compliance at local Standard Chartered unit
    European economies end year resilient but sluggish
    European economies end year resilient but sluggish
    German investor morale rises more than expected in December, ZEW finds
    German investor morale rises more than expected in December, ZEW finds
    EU Parliament approves deal to weaken corporate sustainability laws
    EU Parliament approves deal to weaken corporate sustainability laws
    EU lawmakers seek to tighten controls on Mercosur farm imports
    EU lawmakers seek to tighten controls on Mercosur farm imports
    Italy's ruling parties urge caution on using frozen Russian assets
    Italy's ruling parties urge caution on using frozen Russian assets
    UK launches BBC funding review, as broadcaster reels from Trump lawsuit
    UK launches BBC funding review, as broadcaster reels from Trump lawsuit
    Czech defence group CSG wins $1 billion Asian truck deal, opens Slovak ammunition line
    Czech defence group CSG wins $1 billion Asian truck deal, opens Slovak ammunition line
    EU races to win over Italy on Mercosur trade deal, says EU lawmaker
    EU races to win over Italy on Mercosur trade deal, says EU lawmaker

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    Previous Finance PostSwisscom results miss estimates on domestic weakness, deal costs
    Next Finance PostBen & Jerry's maker Unilever picks Amsterdam for ice cream spinoff

    More from Finance

    Explore more articles in the Finance category

    KNDS, Leonardo to develop new mobile artillery system together

    KNDS, Leonardo to develop new mobile artillery system together

    BBC says it will fight Trump lawsuit over edited speech

    BBC says it will fight Trump lawsuit over edited speech

    TotalEnergies to sell stake in Malaysian gas block to Thailand's PTTEP

    TotalEnergies to sell stake in Malaysian gas block to Thailand's PTTEP

    US dollar close to multi-week lows versus euro and yen before US data

    US dollar close to multi-week lows versus euro and yen before US data

    Dassault Aviation CEO unsure if FCAS fighter will go ahead

    Dassault Aviation CEO unsure if FCAS fighter will go ahead

    Europe's leaders and laggards in electric vehicle sales

    Europe's leaders and laggards in electric vehicle sales

    EU members bordering Russia push for enhanced security at Helsinki meeting

    EU members bordering Russia push for enhanced security at Helsinki meeting

    Netherlands will host International Claims Commission for Ukraine, minister says

    Netherlands will host International Claims Commission for Ukraine, minister says

    EU to widen carbon border levy to close loopholes on polluting goods, draft shows

    EU to widen carbon border levy to close loopholes on polluting goods, draft shows

    UK's Serica Energy to buy Southern North Sea assets for $76 million

    UK's Serica Energy to buy Southern North Sea assets for $76 million

    World Bank, Vakifbank to mobilise up to $1.7 billion for Turkey's small businesses

    World Bank, Vakifbank to mobilise up to $1.7 billion for Turkey's small businesses

    SThree shares jump as US market rebounds, guidance confirmed

    SThree shares jump as US market rebounds, guidance confirmed

    View All Finance Posts