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Two points:
Personal debt is 'cleared off' when a person files for bankrupcy. All their assets are given to and distributed among their creditors by a legally appointed liquidator.
The payment of these national debts is being made by the G8 in return for the opening up of the African states' tading markets. This could cause further problems because the local workforce may find it difficult competing with their more developed contemporaries around the world. At the same time, it will force development of greater infrastructure, intra-country markets and other efficiency developments.
As for alterior motives, I see this as a huge opportunity for the west to improve its own security and to open up new markets for western goods.
Trade is the most developing activity a country can involve itself in, and giving this ability back to these nations benefits everybody in my view.
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