Lomé, Togo, 12 May 2025 – Over 500 delegates, including Heads of State, Ministers of Finance, Central Bank Governors, development partners, and civil society organizations gathered in Lomé for the inaugural African Union Debt Conference, held under the theme “Africa’s Public Debt Management Agenda: Restoring and Safeguarding Debt Sustainability.”
The three-day conference was convened by the African Union Commission in partnership with the Government of the Republic of Togo, under the High Patronage of H.E. Faure Gnassingbé, President of the council of Ministers of the Republic of Togo, who opened the session by calling for a “collective African ambition that prioritizes sovereignty, solidarity, and regional stability.” He urged participants to rethink global debt rules and emphasized that “debt, when used strategically and responsibly, must serve as a tool for the common good.”
In his opening remarks, Mr. Claver Gatete, Executive Secretary of the UN Economic Commission for Africa (ECA), warned that “Africa is not merely facing a debt crisis—it is confronting a development crisis.” He outlined five imperatives to restore fiscal sovereignty and turn Africa’s debt into a lever for transformation:
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Reframe debt as a tool for development – “Debt is not inherently bad, what matters is what it’s used for,” said Mr. Gatete. He emphasized the need to borrow for productive investments in energy, infrastructure, and industry, rather than for consumption.
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Deepen transparency and strengthen debt management – The Executive Secretary stressed that “transparency must evolve into a culture of accountability,” calling for country-owned debt strategies that encompass liabilities, including those from state-owned enterprises.
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Reform the global financial architecture – Calling the current system “outdated and creditor-biased,” Mr. Gatete advocated for reforms to the G20 Common Framework and accelerated efforts to establish an African Credit Rating Agency that reflects the continent’s realities and growth potential.
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Scale up innovative and green finance – Highlighting the role of instruments like green and blue bonds, debt-for-climate swaps, and sustainability-linked loans, Mr. Gatete noted that Africa must lead in climate-aligned financing.
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Strengthen domestic resource mobilization – Emphasizing the importance of tax reform, digitization, and the fight against illicit financial flows, he called on African states to build robust capital markets to reduce reliance on external borrowing. “Let us not forget the AfCFTA,” he added, “which remains Africa’s most powerful structural response.”
Echoing these messages, H.E. John Dramani Mahama, President of the Republic of Ghana, reflected on Ghana’s debt restructuring journey, noting that “sustainable debt is not just about debt-to-GDP ratios, it is about what the debt is used to finance and the governance that underpins it.” He emphasized the need for timely creditor engagement and multilateral flexibility, while urging African countries to speak with one voice to secure a fairer global financial system.
Similarly, Commissioner Moses Vilakazi, representing the African Union Commission, underscored that “Africa’s public debt crisis is now a human development crisis.” He called for African-led solutions to strengthen transparency, improve domestic resource mobilization, and foster regional value chains through the AfCFTA.
The Conference is expected to culminate in the adoption of the Lomé Declaration on Africa’s Debt, a unified African position on debt governance that will guide future negotiations and reforms. As Mr. Gatete concluded: “Africa is not without solutions. What we need is principled, unified action—and we at the ECA are ready to walk this path with you.”