AFRODAD Demands Debt Justice Amid Rising Global Influence
AFRODAD underscored that Africa's ballooning debt undermines the vision of Agenda 2063 for inclusive growth and sustainable development across the continent.
HARARE, Zimbabwe -- On Africa Day, the African Forum and Network on Debt and Development (AFRODAD) celebrated the continent's increasing influence in shaping global economic policies but also demanded debt justice amid Africa's deepening debt crisis, writes Winston Mwale.
"This is indeed a remarkable time for Africa, with the African Union attaining membership in the influential G20 group," said Jason Braganza, AFRODAD's executive director.
However, he noted that African nations now spend a total of $74 billion on debt service in 2024 alone, hindering development goals.
African debt levels have surged 183% since 2010, with nations paying $203 million daily in debt repayments. AFRODAD outlined three key demands:
1. Unconditional debt cancellation for Africa, with proceeds channeled into monitored development projects. "Africa is a net creditor to the world and has already paid its debts," the group stated.
2. Urgent reform of the global debt architecture, including loan contraction processes and credit rating assessments. AFRODAD quoted the African Development Bank's president: "Reforming the global architecture is a matter of urgency."
3. The African Union must firmly assert Africa's sovereignty and advance the continent's interests on the global stage, backed by leaders, civil society and citizens.
AFRODAD underscored that Africa's ballooning debt undermines the vision of Agenda 2063 for inclusive growth and sustainable development across the continent.