Kamsiyochukwu MbamaluIn a groundbreaking move, seven former African heads of state have joined forces to launch the African Leaders Debt Relief Initiative, a comprehensive effort to address the continent’s debilitating debt crises.
The initiative is spearheaded by a distinguished group of African leaders, including Olusegun Obasanjo, Former President of Nigeria, who chairs the initiative.
Join our WhatsApp ChannelThe Cape Town Declaration, which marks the launch of the initiative, is a decisive call for urgent debt relief and fairer borrowing terms for African nations. The declaration will be unveiled on the sidelines of the G20 Finance Ministers meeting in Cape Town, where debt sustainability and debt relief have been placed at the heart of the global economic agenda.
This landmark initiative aligns with the AU Agenda 2063, reinforcing Africa’s long-term vision for sustainable development. The African leaders involved in the initiative are committed to reshaping the global financial system to serve the needs of African nations better.
READ ALSO: 10 Countries In Africa With Highest Debt-to-GDP Ratio
The initiative’s launch is set to take place during a press conference on Thursday, 27th February 2025, at the Southern Sun Cullinan Hotel in Cape Town.
As Africa grapples with the challenges of debt distress, with 23 countries currently facing financial difficulties, this initiative offers a beacon of hope for a more sustainable financial future. The African Leaders Debt Relief Initiative is a crucial step toward addressing the continent’s debt crises and promoting economic stability and growth.
