Cyril Ramaphosa Denounces Debt Trap Fears, Embraces China Partnership

South African President Cyril Ramaphosa refuted claims that Chinese investments are leading Africa into a debt trap. Speaking at a China-Africa summit, attended by delegates from over 50 African countries, he emphasized the mutual benefits of the financial cooperation. He highlighted cooperation in energy security and electric vehicle manufacturing as key areas of focus.

South African President Cyril Ramaphosa refuted claims on Thursday that Chinese investments in Africa are pushing the continent into a 'debt trap,' presenting instead a picture of mutually beneficial relations. Ramaphosa's remarks came during a China-Africa summit in Beijing, attended by delegates from more than 50 African nations.

'I don't necessarily buy the notion that when China invests, it is with the intention of ensuring those countries end up in a debt trap or debt crisis,' Ramaphosa stated when questioned about China's recent commitment of $51 billion in new funding for Africa. In addition to financial support over three years, China has pledged to triple infrastructure projects across Africa, which has become a focal point of geopolitical competition among China, Europe, and the United States.

Ramaphosa also disclosed that South Africa reached an agreement with China on aspects of energy security, stating that the country could learn from China how to reform its energy sector. 'They already have done exactly what we are seeking to do. So there are lessons for us to learn from China and how to do it,' he remarked. He further noted the interest of Chinese electric vehicle manufacturer BYD in investing in South Africa.

(With inputs from agencies.)