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AFRODAD, a regional platform advocating for sustainable debt and equitable development finance policies in Africa, has urged creditor nations to provide Africa with unconditional debt cancellation.
The platform made this request while acknowledging the continent’s significant progress in global economic influence but also highlighting a growing debt crisis.
Despite Africa's increasing presence in major international forums, AFRODAD emphasized that the continent is still facing a concerning debt situation.
The platform pointed out diplomatic achievements such as the African Union (UN) securing membership in the G20 and various African countries assuming key leadership roles.
According to AFRODAD, Egypt chairs the Tax Ad Hoc Committee, Burundi co-chairs the Fourth International Conference on Financing for Development (FfD4) process, and South Africa co-facilitates the 2024 FfD Forum, among other significant roles held by African countries.
The Executive Director of AFRODAD, Jason Braganza, emphasized the historic opportunity these platforms provide for the continent to address the crippling debt crisis and other pressing challenges facing Africa.
Since 2010, Africa's debt levels have increased by 183%, with countries collectively spending $74 billion on debt service in 2024 alone, equivalent to $203 million daily.
AFRODAD highlighted that this heavy burden severely limits the continent's ability to achieve inclusive growth and sustainable development as outlined in the Agenda 2063
"The Africa We Want." Additionally, credit rating agencies contribute to the issue by assigning negative ratings to African nations, resulting in high-interest rates.
