Eight former African Heads of State recently called for debt relief for highly indebted nations and lower borrowing costs for all developing countries.
The call was made at the launch of the African Leaders Debt Relief Initiative (ALDRI), indicating the leaders' commitment to rallying for a comprehensive debt relief strategy for countries in dire financial situations.
The launch of the initiative took place on the sidelines of the first G20 Finance Ministers' meeting in Cape Town. The declaration also aligns with the African Union's Agenda 2063, underscoring the continent's long-term development aspirations.
Members of the African Leaders Initiative on Debt Relief comprise distinguished group of ex-African leaders with the former President of Nigeria, Olusegun Obasanjo as the Chair of the initiative.
Among the former African leaders are: Joyce Banda of Malawi, Jakaya Kikwete of Tanzania, Dr. Ameenah Gurib-Fakim of Mauritius, and Macky Sall of Senegal.
Others are: former President Nana Akufo-Addo of Ghana and ex-Prime Minister Hailemariam Desalegn of Ethiopia, as well as former Vice President of Nigeria Prof Yemi Osinbajo.
The signatories called for intensified international cooperation to tackle the debt crisis and emphasized the urgent need to reform the global financial architecture to better support developing countries.
"Africa is facing unsustainable debt burdens. It is crucial that we come together to find a solution to this crisis. Africa's future is intertwined with the world's future, and we must work to resolve the debt crisis in order to drive sustainable economic development across the continent. South Africa's commitment to prioritizing debt relief and collaborating with nations to address the root causes of high-cost debt is a welcome one," Obasanjo said.
