I remember reading the Heart of Darkness by Joseph Conrad many years ago after seeing one of my favourite films, Apocalypse Now by Francis Ford Coppella. The theme of the film is said to be based on the primary concept of the book, regarding the increasing darkness of the barbarity of the “white man”, as he descends deeper into the proverbial “jungle”. The book explored this journey utilizing the backdrop of the so-called “Dark Continent”: Africa – and the effect it had on the souls of the civilized Europeans, who sunk into the evil, primal side of their psyche, symbolized by how they treated the native, i.e. African population as they rushed to rape the continent of it’s riches. Kurtz, is the primary figure within the book who personifies this descent into darkness (also the name of the character played by Marlon Brando in Apocalypse Now). Interestingly, he is an ivory purchaser for the government. He is the ultimate exploiter. No conscience. No empathy. No sense of humanity or the ideal of the brotherhood of mankind. The dollar is the bottom line.
I read a news piece in the BBC News online this week about Zambia losing a “Vulture Fund” case in Britain. I had never heard of this term before. Basically “Vulture Funds”, as defined by the International Monetary Fund, are companies which buy up the debt of poor nations cheaply when it is about to be written off, then SUE for the full value of the debt plus interest. WHAT!? I had thought that the effort to forgive African nations of their debt to western, particularly G8 nations, was to provide them the opportunity to use these funds for social, economic and infrastructure development. In theory this was to be a positive step towards breaking through the chains and cycle of the pandemic poverty in the continent. Bono, the lead singer of the band U2, went around the world imploring western leaders to jump on board. There was even a Live8 concert in 2005 held in a number of western countries to mobilize grassroots support in an effort to put moral and cultural pressure on their governments for this initiative. It became a big fanfare and publicity event when during a subsequent G8 summit, they had agreed (with Tony Blair serving as the spokesperson), to forgive these debts and also provide finds for A.I.D.S. prevention and treatment. At the time I had thought that this was certainly too good to be true. I couldn’t understand why western governments, “white/European/American” governments, would do anything to aid African, without any benefit to themselves. Sad to say, but I now seems that I was right.
According to the report, in 1979 the Romanian government lent Zambia money to buy Romanian tractors. Zambia was unable to keep up the payments and in 1999, Romania and Zambia negotiated to liquidate the debt for $3m, but before the deal could be finalized, a firm called Donegal International (DI), which is part owned by a US-based company, stepped in and bought the debt from Romania for less than $4m. DI then sued Zambia for $42m, which includes the cost of the debt and interest and then had the country’s assets frozen. They recently won their lawsuit but economic experts believe that the judge will order Zambia to pay between $10m and $20m, less than half what DI sought.
There are obvious concerns that such funds will erase the benefits which international debt relief was supposed to bring to poor countries. This situation with Zambia is one of many such lawsuits. According to a Zambian official, $42m was equal to all the debt relief it had received last year and they were planning to spend this money on much-needed nurses, teachers and infrastructure projects.
Reading this story brought me back to the novel, Heart of Darkness and it’s central theme. When it comes to dealing with Africa, the so-called “Dark Continent”, the oh-so civilized and compassionate “White West”, looses any sense of morality (maybe a more fitting moniker would be the “Wild West”). They easily sink into the darkness of barbarism. As one looks at all the issues Africa is facing, while it struggles to gasp for it’s breath: the breath for responsible governance; the breath for education; the breath for economic development; the breath for health care; the breath for food and clean drinking water; the breath for personal safety and security…. as it clings to life and fights to loosen itself from the clutches of death, a new colonialism has reared it’s ugly head. Arms dealers, pharmaceutical companies (I strongly recommend the movie, The Constant Gardener), debt collection companies and even China, are now circling and ready to swooped down like vultures to find any opportunity to feed on Africa’s live corpse.

Like Kurtz, they have become the ultimate exploiters. No conscience. No empathy. No sense of humanity or the ideal of the brotherhood of mankind. The dollar is the bottom line.
“The heart is deceitful above all things, and desperately wicked; who can understand it?” Jeremiah 17:9.
Asabagna
February 20, 2007 at 12:02 pm
Vulture funds! I did not know about these. My jaw has not dropped so far in some time.
February 20, 2007 at 1:18 pm
[...] Jump to Comments Our featured post for today is Asabagna’s Into the Heart of Darkness, on vulture funds. Asa refers to two BBC articles on the devastating activities of vulture fund [...]
February 21, 2007 at 12:52 pm
Thanks for this piece of information Asa. I have always trusted and will continue to trust your judgement and ability to bring to our attention such crucial issues. You appear to have the skill of a teacher and a mentor. Your articles are written and presented in a way that gives a better picture of a situation. Keep that spirit up.
I am hearing of the “Vulture Funds” for the first time, but the dynamics of this game is not surprising when talking about colonialism, capitalism and exploitation in the third World countries. These companies have been working closely with the Western nations (America & Europe)for decades, buying our mineral resources for nothing! What makes me more angry is when they buy our resoueces e.g the Nigerian crude oil or the Diomonds in the Congo. They process and sell it back to us at an exorbitant and a higher interest rate we cannot afford to pay for in years to come.
Thanks for this kind of information that is very informative & educating. I have always known that many people including myself have learn by reading and sharing from your blog site.
February 21, 2007 at 2:27 pm
Thanks for the kind words Iya. You are correct that what is happening concerning “Vulture Funds”, really isn’t anything new. It’s just a new form of the same old exploitation of African resources, whether it’s the people, minerals, animals, money etc. However I must admit this new form surprised even me… so blatant…
so callous…
Asa