Over 500 delegates, comprising Heads of State, Ministers of Finance, Central Bank Governors, development partners, and civil society representatives, assembled in Lomé on 12 May 2025 for the inaugural African Union Debt Conference, under the theme Africa’s Public Debt Management Agenda Restoring and Safeguarding Debt Sustainability. This pivotal conference aimed to forge a united African position on reforming the global financial system to address the continent’s pressing debt challenges, identify innovative financing approaches to unlock new funding avenues while maintaining debt sustainability, and advocate for strategic policy alterations to restore and uphold public debt sustainability across Africa. The conference took place amid escalating concerns over Africa’s debt crisis, as in 2024, lower-income nations on the continent faced debt repayments amounting to approximately 60 billion dollars, resulting in the compromise of essential services such as healthcare and education. This mounting financial strain has triggered a call for a comprehensive reevaluation of the global economic framework that perpetuates these debt cycles. By 2023, projections indicated that Africa’s external debt had surged to an astonishing 863 billion dollars, a significant increase from an estimated 200 billion dollars at the close of 1986.
But Africa has encountered similar challenges in the past. For instance, in 1987, the Heads of State and Government of the Organization of African Unity convened at their Third Extraordinary Assembly in Addis Ababa, Ethiopia, from November 30 to December 1, where they adopted the African Common Position on Africa’s External Debt Crisis to decisively address the critical issue of the continent’s external debt crisis in the 1980s. During this significant gathering, African leaders committed to a unified strategy aimed at mitigating the substantial debt burdens that hindered sustainable development across African nations. By endorsing the African Common Position on Africa’s External Debt Crisis, they recognized the deep-seated historical roots of indebtedness linked to colonialism and sought to foster a constructive partnership between creditor nations and African governments to alleviate the debt burden. The African Common Position on Africa’s External Debt Crisis of 1987 underscored the imperative for unified action in the face of a staggering rise in debt levels, which escalated from 128 billion dollars in 1982 to an estimated 200 billion dollars by 1986. This alarming trajectory presents a stark truth where debt-service obligations began to outpace export earnings, culminating in a debt crisis characterized by liquidity challenges and critical solvency issues that threaten the economic stability of numerous nations. Recognizing the profound historical roots of this debt and its detrimental effects on Africa’s development, there emerged a resolute commitment to unite in confronting the pervasive debt burdens that hinder sustainable progress across the continent. Nevertheless, despite prior commitments to alleviate Africa’s debt predicaments, by the Lomé meeting on May 12, 2025, the continent’s external debt had surged to an eye-watering 863 billion dollars, an increase from the initially projected 200 billion dollars in 1986.
The meeting on May 12, aimed at addressing Africa’s urgent debt crisis, starkly underscores the persistent leadership failures that hinder the continent’s progress, ultimately undermining the aspirations of its people. This gathering serves as a crucial call for accountability and decisive action, shaking the very core of their resolve to liberate themselves from external influences and fostering a path toward a genuinely independent and thriving Sub-Saharan Africa. The meeting on May 12 serves as a powerful call to action, reminding us that our quest for full independence will only be realized through the realization of our long-held vision for the United States of Sub-Saharan Africa, a unifying solution that can unlock a brighter future for all. Click the link below to explore and compare the key insights from the meetings of African leaders on May 12, 2025, and November 30-December 1, 1987, as we continue to strive for a liberated and prosperous Sub-Saharan Africa.