Former African Leaders Urge Bold Debt Relief Measures Ahead of AU-EU Ministerial Meeting

May 21, 2025
EU - African Union Ministerial meeting Roundtable at the European Union; © European Council/ European Union

Abuja, 21 May 2025

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. This critical moment marks a potential turning point in Africa-Europe cooperation, as the world grapples with rising economic uncertainty, slashed growth forecasts, and increasing debt burdens, particularly in developing economies.

Currently, more than 25 African countries are either in or at high risk of debt distress. With debt service costs projected to consume nearly 30% of African government revenues by 2025, the crisis is severely constraining investment in essential public services, sustainable development, and private sector growth.

The African Leaders Debt Relief Initiative (ALDRI), launched in February 2025, is spearheaded by former African leaders and aims to mobilize international support for meaningful debt relief measures. Through the Cape Town Declaration (28 February 2025), ALDRI reiterates the need for:

  • Comprehensive and timely debt restructuring for highly indebted countries,
  • and lowering the cost of capital for all low and middle-income nations.

ALDRI also endorses the African Union Lomé Declaration on Debt that was adopted at the AU Conference on Debt held in Lomé, Togo (12–14 May). It calls, among others, for:

  • A reform of the G20 Common Framework to ensure timely and sufficient debt relief,
  • The rechanneling of Special Drawing Rights (SDRs) through Multilateral Development Banks (MDBs),
  • And targeted debt forgiveness on a case-by-case basis.

As Africa prepares for the 4th International Conference on Financing for Development (FfD4) in Sevilla and during the G20 under South Africa’s presidency, ALDRI urges European partners to stand in solidarity with Africa in this defining moment and support these vital and far-reaching reforms.

Debt relief is not charity—it is an investment in shared prosperity. Unlocking fiscal space is essential to achieving the goals of Agenda 2063, creating jobs through sustainable trade and investment, and advancing Africa’s green, digital, health, and education transitions.

Together, a prosperous and sustainable Africa and Europe can be more than a vision—it can be our shared reality.

H.E. Ameenah Gurib-Fakim, Former President of Mauritius

“The AU-EU summits are significant this year as the two unions mark 25 years of collaboration. They present opportunities for both continents to take stock of the enduring partnership and how to strengthen collaboration in mutually beneficial ways. Europe can show solidarity and lead others in measures towards debt relief and mutual trade development in forums like the G20.  

If African countries are to deliver on the SDGs, they need debt relief so that their resources are used to invest in education, health and safety nets. As we look forward to another 25 years of cooperation, we urge the EU to commit to comprehensive debt restructuring for highly indebted countries and to lowering the cost of capital for Africa.”

H.E. Hailemariam Desalegn, Former Prime Minister of Ethiopia

“The African Union – European Union Ministerial in Brussels and the Heads of States Summit later in the year present a significant opportunity for European countries to heed Africa’s call for debt relief. This will be achieved by committing to comprehensive debt restructuring and lowering the cost of capital, which would enable African nations to invest in critical areas of development such as health and education. Additionally, these summits offer a platform to strengthen the broader partnership between the EU and Africa, fostering greater collaboration on issues such as climate change, trade, security, and sustainable development. A mutually beneficial partnership between the two regions is key to addressing shared challenges and building a more resilient global economy.”

The African Leaders Debt Relief Initiative comprises the following African leaders: 

HE Olusegun Obasanjo, Former President, Federal Republic of Nigeria (Chair)

HE Jakaya Mrisho Kikwete, Former President, United Republic of Tanzania

HE Macky Sall, Former President, Republic of Senegal

HE Joyce Banda, Former President, Republic of Malawi

HE Dr. Ameenah Gurib-Fakim, Former President, Republic of Mauritius

HE Hailemariam Desalegn, Former Prime Minister, Republic of Ethiopia

HE Nana Addo Dankwa Akufo-Addo, Former President, Republic of Ghana

HE Yemi Osinbajo, Former Vice President, Federal Republic of Nigeria