Lom©: President John Dramani Mahama has joined his fellow African Heads of State in calling for a common African position ahead of the 2025 G20 Summit to demand timely, fair, and transparent debt restructuring frameworks. The Group of Twenty (G20) is a forum of 19 major world economies and the European Union, established to address global economic and financial issues. This year's G20 Summit is slated from 22 to 23 November in Johannesburg, South Africa.
According to Ghana News Agency, President Mahama also advocated for standardized debt transparency benchmarks across the African Union and the integration of climate adaptation and sustainable development goals into national debt strategies. President Mahama made the call in his address at the opening of the African Union Conference on Debt in Lom©, Togo. The three-day meeting is being convened by the African Union Commission's Department for Economic Development, Tourism, Trade, Industry, and Minerals under the theme: 'Africa's Public Debt Management Agenda: Restoring and Safeguarding Debt Sustainability.'
The conference will convene AU Member States, policymakers, financial experts, and key stakeholders, including representatives from Ministries of Finance, African Central Banks, Regional Economic Communities, African Multilateral Financial Institutions, and Civil Society Organizations. President Mahama reiterated the need for the full operationalization of the African Monetary Institute and the Pan-African Payment and Settlement System (PAPS) to reduce forex demands in regional trade.
On redefining Africa's debt narrative, President Mahama stated: 'Let us leave here with a renewed vision, a vision where debt is no longer synonymous with crisis but with capacity, where our economies are built not on extraction and aid but on innovation, value addition, and equity, and where we act not as debtors pleading for relief but as partners demanding reform.' He advocated for redefining the African debt narrative, stating that 'Ghana stands ready shoulder to shoulder with our fellow African nations to champion this agenda.'
He urged unity, saying, 'Let us walk this road together with courage, clarity, and commitment. Africa, united in vision and action, can overcome its debt challenges and deliver prosperity for generations of Africans yet to come.'
