Debt sustainability key to Africa’s development - ECOWAS President 

The President of the Economic Community of West African States, Dr Omar Alieu Touray, has underscored the need for African countries to manage their debts to sustainable levels to enable them free up resources for development and investment in human capital.

Speaking during G20 Ministerial Conference in South Africa, Dr Touray said debt sustainability was crucial in poverty eradication, peace and security and sustainable development.

Using ECOWAS as example , he said poverty had been identified as one of the main driving factors in insecurity which affects socio-economic development .

“For ECOWAS, debt sustainability is about reducing poverty and promoting peace and security. Data has shown that poverty lies at the heart of insecurity in our regions as most recruits of armed groups - especially terrorist groups - join conflict not out of conviction but out desperation and need to gain employment,” he said.

“Debt sustainability is also a driver of inclusive development and growth as well as a catalyst for stronger Regional Economic Communities. In ECOWAS for example, our march towards a single currency and by extension stronger Community, is being delayed by growing debt levels. Energy transition is a must, but it should be underpinned by equity and fairness and finance is critical to this,” he added.

Debt levels 

According to the African Development Bank Group (AfDB), the total estimated external debts of African countries by the end of 2023 stood at $1.152 trillion.

It added that Africa was expected to pay around $163billion at the end of 2024 just to service its debts.

“The growing burden of debt repayments has the potential to threaten achievement of the Sustainable Development Goals on the continent, particularly in health, education and infrastructure.