Nana Addo, former African leaders sign Cape Town Declaration for urgent debt relief

Eight former African Heads of State and Government, including Ghana’s Nana Addo Dankwa Akufo-Addo, have signed the Cape Town Declaration, calling for immediate debt relief for highly indebted nations and lower borrowing costs for all developing countries.

The signing took place at the launch of the African Leaders Debt Relief Initiative (ALDRI) on the sidelines of the G20 Finance Ministers’ meeting in Cape Town.

The initiative is led by a distinguished group of former African leaders, including Olusegun Obasanjo (Nigeria), Joyce Banda (Malawi), Jakaya Kikwete (Tanzania), Macky Sall (Senegal), Hailemariam Desalegn (Ethiopia), Dr. Ameenah Gurib-Fakim (Mauritius), and Yemi Osinbajo (Nigeria). These leaders are advocating for a comprehensive debt relief strategy to ease the financial burdens of developing nations, especially in Africa.

Africa is currently facing an unsustainable debt crisis, with borrowing costs disproportionately higher than other regions. In 2023 alone, low- and middle-income countries spent $1.4 trillion servicing foreign debt, with $406 billion going to interest payments. This debt burden has prevented African governments from investing in critical sectors such as healthcare, education, infrastructure, and climate resilience.

Speaking at the event, former Nigerian President Olusegun Obasanjo emphasized the importance of global cooperation:
“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.”

The signatories stressed that debt relief is not only essential for Africa but also for the broader Global South, where many nations face similar financial struggles.

The Cape Town Declaration aligns with the African Union’s Agenda 2063, which aims to foster long-term sustainable development across the continent. The initiative also comes at a crucial time as the G20 Summit in 2025 approaches, offering an opportunity to push for reforms in the global financial system.

The African Leaders Debt Relief Initiative (ALDRI) will continue advocating for policy changes to reduce borrowing costs, increase financial resilience, and promote sustainable economic growth.

With Africa spending more on debt servicing than on critical infrastructure and social services, the former leaders are urging immediate action to break the cycle of debt and underdevelopment.

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The post Nana Addo, former African leaders sign Cape Town Declaration for urgent debt relief first appeared on 3News.

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