Finance ministers, central bankers, and economic experts from across Africa, along with representatives from international financial institutions like the IMF, World Bank, and AfDB, have convened in Lomé for a crucial three-day conference on public debt.
Hosted by the Togolese capital from May 12th to 14th, the African Union Debt Conference is themed “The African Public Debt Management Agenda: Restoring and Preserving Debt Sustainability.”
The African Union, in a press release, highlighted that the strategic meeting aims to forge a unified and sustainable strategy to address the escalating debt challenges facing the continent. With over twenty African nations currently classified as being in or at high risk of debt distress according to the ECA, the conference seeks to bolster the fiscal resilience of African states and explore innovative development financing solutions.
Discussions will center on key areas including reforming sovereign debt restructuring frameworks, promoting sustainable financing instruments such as green bonds and debt-climate swaps, enhancing debt transparency and governance, and combating illicit financial flows.
In his opening address, AU Commission Chairperson Moussa Faki Mahamat stressed the pressing need to “establish rigorous public debt governance, supported by strong African solidarity and balanced dialogue with international creditors.”
The conference is anticipated to culminate in the “Lomé Declaration,” which will outline a new continental agenda for achieving debt sustainability. This initiative aligns with ongoing pan-African efforts, notably the Dakar Plan for Sustainable Financing and the African Union’s Agenda 2063.
TE/fss/abj/APA