Cape Town Declaration: Former African Heads of State Call for Urgent Debt Relief

Asempa Dawuro

Mar 3, 2025 - 10:15

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Cape Town Declaration: Former African Heads of State Call for Urgent Debt Relief

By E Adu Gyamfi Odopa

(gyamemma5@gmail.com)

27th February 2025, Cape Town

Eight former African Heads of State and Government have signed the Cape Town Declaration, calling for the critical need for debt relief for highly indebted nations and advocating for lower borrowing costs for all developing countries.

The Declaration was signed at the launch of the African Leaders Debt Relief Initiative (ALDRI), which reflects the leaders' commitment to rallying for a comprehensive debt relief strategy for countries in dire financial situations.

The launch of the initiative took place on the sidelines of the first G20 Finance Ministers’ meeting in Cape Town, where the South African G20 Presidency has made debt sustainability a central focus.

The Declaration also aligns with the African Union’s Agenda 2063, underscoring the continent’s long-term development aspirations.

The African Leaders Initiative on Debt Relief is led by a distinguished group of former African leaders, including: HE Olusegun Obasanjo, Former President of the Federal Republic of Nigeria (Chair), HE Joyce Banda Former President of the Republic of Malawi and HE Jakaya Mrisho Kikwete, Former President of the United Republic of Tanzania.

The rest were HE Dr. Ameenah Gurib-Fakim, Former President of the Republic of Mauritius, HE Macky Sall, Former President of the Republic of Senegal, HE Nana Addo Dankwa Akufo-Addo, Former President of the Republic of Ghana, HE Hailemariam Desalegn, Former Prime Minister of the Republic of Ethiopia, HE Yemi Osinbajo, Former Vice President of the Federal Republic of Nigeria.

The signatories called for intensified international cooperation to address the debt crisis and emphasized the urgent need to reform the global financial architecture to better support developing countries.

“Africa is facing unsustainable debt burdens. It is crucial that we come together to find a solution to this crisis. Africa's future is intertwined with the world's future, and we must work to resolve the debt crisis in order to drive sustainable economic development across the continent.

South Africa’s commitment to prioritizing debt relief and collaborate with nations to address the root causes of high-cost debt is a welcome one,” said Olusegun Obasanjo,

Former President of the Federal Republic of Nigeria. The Debt Crisis and the Need for Action In 2023, low- and middle-income countries collectively spent $1.4 trillion servicing foreign debt, with interest payments reaching a staggering $406 billion.

Africa, in particular, is facing disproportionately high borrowing rates, making it harder to invest in the continent’s growth and development.

As the G20 Summit in 2025 draws nearer, the Cape Town Declaration offers a timely opportunity to focus attention on Africa’s debt crisis and the broader challenges faced by developing nations, including health, education, food and energy insecurity and the environment.

The African Leaders Debt Relief Initiative continues to advocate for policies that promote economic resilience and sustainable growth across the African continent.

The signatories are committed to working collaboratively with international stakeholders to implement these crucial reforms, ultimately driving forward Africa’s development agenda.

Send your articles to the Editor Email- gyamemma5@gmail.com Phone - +233202373920

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