Africa is at a crossroads. Across the continent, governments are struggling to meet the most basic needs of their people—not because we lack resources or ambition, but because national budgets are consumed by unsustainable debt repayments. Schools are underfunded, hospitals lack medicine, infrastructure projects stall, and millions of young people are left without opportunities. This is not just an economic crisis; it is a crisis of sovereignty. A continent rich in potential remains trapped in a financial system that keeps it dependent, unable to shape its own future.
No country can develop when it spends more on debt repayments than on investing in its people. And yet, that is the painful reality for many African nations. Governments are forced to make impossible choices—whether to pay creditors or pay teachers, whether to build hospitals or meet foreign repayment schedules. These debts, many of them negotiated in secrecy, shape policies that affect millions of lives. Yet the people who will bear the consequences have little say in these discussions. How can democracy thrive when economic decisions that shape our futures are made in global boardrooms rather than in our own capitals?
It is easy to blame corruption for Africa’s financial struggles. Yes, corruption has drained resources and eroded trust, but that is only part of the story. Even nations with sound governance and disciplined economic policies remain stuck in a cycle of debt that was never designed to be broken. The global financial system is structured in a way that keeps Africa borrowing at punitive interest rates, repaying loans many times over yet never breaking free. Countries in other regions have had their debts forgiven, renegotiated, or restructured under more favorable terms—why is Africa held to a different standard?
Debt is not just an economic issue; it is deeply political. It determines the fate of entire generations, yet it is rarely at the center of national debates. Why do our leaders campaign on promises of transformation without addressing the suffocating repayments that make real change almost impossible? If debt dictates the quality of life for millions, then those millions have the right to demand transparency, accountability, and a seat at the table.
That is why I was honored to be part of a historic initiative on the sidelines of the G20 meeting in Cape Town, where African leaders came together to push for debt relief. Former Presidents Olusegun Obasanjo (Nigeria), Jakaya Kikwete (Tanzania), Macky Sall (Senegal), Joyce Banda (Malawi), and Ameenah Gurib-Fakim (Mauritius), along with Hailemariam Desalegn (Ethiopia) and Nana Akufo-Addo (Ghana), joined forces with current leaders to demand a fundamental shift in how Africa’s debt is handled. South African President Cyril Ramaphosa, as Chair of the G20, was a vocal advocate for this initiative, recognizing that economic justice is not an act of charity—it is a necessity for stability and growth.
The esteemed leaders came together not to beg, but to assert Africa’s right to economic sovereignty. Our continent has the expertise, the intellectual capital, and the economic vision to shape its own financial future. Africa is home to some of the brightest economists, legal minds, and financial experts in the world—yet their voices are rarely included in the decision-making process. That must change. The future of Africa cannot continue to be dictated by others while we remain on the receiving end of policies that do not serve our interests.
Debt relief is not just about freeing up financial resources—it is about ensuring that Africa can invest in its people. The money that currently goes toward repaying debt could instead be used to strengthen agriculture, create jobs, and build resilient health and education systems. Africa has the land, the knowledge, and the talent to become a global leader in food security, yet without financial independence, investment in agriculture remains inadequate. Climate change is another pressing issue—one that Africa bears little responsibility for but suffers from the most. We cannot build climate resilience without the financial means to do so.
The world cannot afford an Africa in economic distress. A continent burdened by debt cannot invest in its youth, industries, or infrastructure. And an unstable Africa does not just affect Africans—it has global consequences, from mass migration to political unrest to disruptions in supply chains. When Western economies faced financial crises, trillions of dollars were injected to bail out banks and stimulate recovery. Yet, Africa is expected to endure under crushing repayment terms that no Western nation would ever accept for itself. This is not just about debt relief; it is about economic justice.
African leaders must push for debt renegotiation with urgency and strategy. No government can fulfill its promises while shackled by unsustainable debt. No country can build a prosperous future while prioritizing foreign creditors over its own people. The push for restructuring must be relentless—not just for short-term relief, but for a system that allows real investment in development. And when that relief is secured, it must translate into visible progress—into better schools, hospitals, roads, and industries that empower people, not just financial statements that appease lenders.
Africa will not seek relief as an act of mercy, nor will it remain locked in a system designed to suppress its potential. The fight for economic sovereignty is not a distant aspiration—it is an urgent necessity. And as Africa takes control of its financial future, the world must recognize that a strong, self-sufficient Africa is not just in our interest, but in the interest of global stability and progress.
The time for a new economic paradigm is now. Africa must no longer be seen as a debtor, but as a full and equal partner in shaping the future of the global
