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South Africa put debt sustainability on the G20 Agenda: Now others must cut through the Gordian Knot. At the conclusion of the G20 Leaders’ Summit in Johannesburg, South Africa, we, eight former African Presidents, Vice-Presidents and Prime Ministers who formed the African Leaders Debt Relief Initiative, commend President Ramaphosa’s leadership in placing debt sustainability at the center of the G20 agenda.
Unsustainable debt burdens, rising borrowing costs, and escalating climate shocks have left African economies with little fiscal space to invest in their future. Without a comprehensive reform of the global financial system, the continent’s development and Europe’s stability will face growing risks.
The idea that Africa can finance the green transition while simultaneously spending huge sums on debt service is absurd. That is why the upcoming G20 summit in Johannesburg must end with a commitment to restructuring the liabilities of highly indebted countries, most of which are on the continent.
At a side event of the 2025 IMF–World Bank Annual Meetings at the Atlantic Council in Washington D.C., H.E. Hailemariam Desalegn Boshe, Former Prime Minister of Ethiopia, spoke with Nicole Goldin about the converging crises of debt, climate, and development.
In his keynote address at the AU–EU High-Level Seminar in Brussels on 2 October 2025, H.E. Nana Akufo-Addo, Former President of the Republic of Ghana, highlighted the pressing issue of Africa’s growing debt burden. He called on European leaders to use their influence to establish a global sovereign debt relief initiative—one that is ambitious, equitable, and responsive to African realities.
On 10 September 2025, H.E. Hailemariam Desalegn Boshe, former Prime Minister of Ethiopia, delivered the keynote speech at an official event organised by ALDRI at the Second Africa Climate Summit.
Mounting debt smothers Africa’s efforts to adapt to climate change. At the Africa Climate Summit, we must find concrete solutions.
As leaders from over 80 countries gather in Brussels for the EU-AU Ministerial Meeting, eight former African leaders are calling for urgent and transformative action to address the growing sovereign debt crisis across the African continent.
In a recent interview with The East African, former President of Mauritius and ALDRI member, Dr. Ameenah Gurib-Fakim, emphasized the importance of debt restructuring for African nations. Speaking on Kenya’s current debt dilemma, she remarked that “debt restructuring is very close to [her] heart as it is one way of achieving Africa’s sovereignty.” Read the […]
As it stands, African countries often have little choice but to borrow at punitive rates to respond to crises they did not create. A revamp of the global lending system – which delivers debt relief and improves borrowing conditions for developing economies – is urgently needed.
Join us for a panel discussion at the World Bank / IMF Spring Meetings 2025, organized by the Debt Relief for a Green and Inclusive Recovery (DRGR) Project. Experts, among them HE Yemi Osinbajo, member of ALDRI, will assess the sovereign debt crisis amid global shocks, review current relief efforts, and propose decisive measures to enable investment in green growth and development.
South Africa President and current G20 Chairperson, Cyril Ramaphosa has expressed support for the African Leaders Debt Relief Initiative (ALDRI) in a speech delivered during the opening of the first G20 Finance Ministers and Central Bank Governors’ meeting in 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.