State of Chad settle $100M debt with payments in the form of cattle - The Sauce
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State of Chad settle $100M debt with payments in the form of cattle

In a strange turn on events the state of Chad owes Angola $100M. The two nations have reached an agreement where payments will be made in the form of cattle.

Only in the continent of Africa would cattle be accepted as payment for a monetary debt amounting to $100M. According to reports, the first shipment of the highly prized cattle was received by the Angolan government from the war-torn nation of Chad earlier this week.

The agreement will see Chad provide 75,000 cattle to wipe the slate clean from a debt dating back to 2017; leaving the poor nation of Chad debt-free. In fulfillment of the agreement, 1000 cows were received by the Ministry of Agriculture with 74,000 more cows expected over the course of 10 years.

Another shipment of 3,500 heads of cattle is expected later this month as reported by VOA. 

The two nations benefit from the novel agreement, that borrows heavily from ancient debt management practices. Chad has undergone years of civil war, which has wrecked havoc on the nation’s economy. However, the north African state’s agriculture has continued to flourish, with an abundance of livestock contributing to one its major exports.

Angola is mineral-rich with crude oil contributing at least 80% of its exports. However, it is struggling to recover from the ravages of the protracted civil war following 1975 independence from Portugal as reported. Parts of Angola are prone to droughts that kill its cattle according to VOA.  

Could Kenya adopt this unconventional debt management scheme to settle debts with China? What are your thoughts?

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