June 24, 2022
The Commonwealth Heads of Government Meeting (CHOGM) started earlier this week in Rwanda. It’s a good platform to discuss issues that affect the Commonwealth if anything else. Because the Commonwealth makes up 54 member states from the South Pacific to the Caribbean seas, we can share a lot of information about how to deal with different problems and learn from one another.
In recent years it has started to take on more steam, particularly since the United Kingdom- the progenitor of the Commonwealth realm- left the European Union in quite stunning fashion.
The truth is, the Commonwealth, while being comprised of 54 countries, most of them are relatively small in size and so the clout is not as hefty as you would think. The only developed nations in the grouping is, the UK, Canada, Australia and New Zealand. So, what can be done under these circumstances?
Well, as we said, the CHOGM is just for talk. But hopefully ideas were shared and new ways of doing things are picked up, considering the times we are in now. The oncoming debt burden will hit home to many of these Commonwealth countries by mid-2023, where the cost of borrowing money will be too high and will lead to another lost decade unless leaders at CHOGM craft the right message that can be transferred globally.
In the words of Pastor TD Jakes, “Get ready, get ready, get ready, get ready..” Get ready because the inflation crisis of today will seem like a day in the park when the debt hurdle comes next year. Don’t think it can’t happen because it has happened before-when credit markets seized up and people were left scrambling.