Lom©: Over 500 delegates, including Heads of State, Ministers of Finance, Central Bank Governors, development partners, and civil society organizations gathered in Lom© for the inaugural African Union Debt Conference, being held under the theme ‘Africa’s Public Debt Management Agenda: Restoring and Safeguarding Debt Sustainability.’
According to Ethiopian News Agency, the three-day conference was convened by the African Union Commission in partnership with the Government of Togo. Opening the session, Faure Gnassingb©, President of the Council of Ministers, stressed the need for a ‘collective African ambition that prioritizes sovereignty, solidarity, and regional stability.’ He urged participants to rethink global debt rules and emphasized that ‘debt, when used strategically and responsibly, must serve as a tool for the common good.’
In his opening remarks, Claver Gatete, Executive Secretary of the UN Economic Commission for Africa (ECA), warned that ‘Africa is not merely facing a debt crisis-it is confronting a development crisis.’ Gatete emphasized the need to borrow for productive investments in energy, infrastructure, and industry, rather than for consumption. The Executive Secretary stressed that ‘transparency must evolve into a culture of accountability,’ calling for country-owned debt strategies that encompass liabilities, including those from state-owned enterprises.
Gatete called the current system ‘outdated and creditor-biased,’ advocating for reforms to the G20 Common Framework and accelerated efforts to establish an African Credit Rating Agency that reflects the continent’s realities and growth potential. He concluded by stating, ‘Africa is not without solutions. What we need is principled, unified action-and we at the ECA are ready to walk this path with you.’
Echoing these messages, John Dramani Mahama, President of Ghana, reflected on Ghana’s debt restructuring journey. He noted that ‘sustainable debt is not just about debt-to-GDP ratios, it is about what the debt is used to finance and the governance that underpins it.’ He emphasized the need for timely creditor engagement and multilateral flexibility, while urging African countries to speak with one voice to secure a fairer global financial system.
President Mahama stated borrowing must be tied to high-impact projects to reflect in the economic well-being of African people. ‘Debt should serve the people. This means strengthening parliamentary oversight, enhancing public debt audits, and promoting open budget systems. According to the IMF, less than 40% of African countries publish detailed debt reports. This must change,’ he said.
Similarly, Commissioner Moses Vilakazi, representing the African Union Commission, underscored that ‘Africa’s public debt crisis is now a human development crisis.’ He called for African-led solutions to strengthen transparency, improve domestic resource mobilization, and foster regional value chains through the AfCFTA. The Conference is expected to culminate in the adoption of the Lom© Declaration on Africa’s Debt, a unified African position on debt governance that will guide future negotiations and reforms.