By Sandra Michaels
African civil society groups have intensified pressure on governments across the continent to radically restructure their economies and abandon debt-driven growth models, warning that the current trajectory compromises Africa’s future.
The demand formed the core resolution at the close of the sixth African Conference on Debt and Development (AfCoDD VI) in Nairobi, Kenya. Hosted by the African Forum and Network on Debt and Development (AFRODAD), the four-day summit brought together civil society leaders, policymakers, and academics under the theme, From Fragmentation to Influence: Advancing the Common African Position on Debt.
Speaking at the conclusion of the event, AFRODAD Executive Director Janet Zhou stressed the urgent need for citizens to hold their governments accountable to successfully rewrite the continent’s economic narrative.
Echoing her stance, AFRODAD Policy Head Dr. Theophilus Yungong cautioned that skyrocketing debt-servicing interest rates, if left unchecked, effectively mortgage Africa’s future generations.
Delegates at the summit argued that recent debt restructurings clearly demonstrate the failure of the current global financial architecture, concluding that Africa can no longer borrow its way to economic prosperity.
As part of its final resolutions, the conference called on African governments to aggressively curb illicit financial flows—estimated at $90 billion annually—while implementing progressive taxation policies, ensuring debt justice, and enforcing transparency.
Furthermore, the gathering demanded the strengthening of national oversight mechanisms, including Public Accounts Committees, Controllers of Budget, Auditors-General, and national parliaments, to better monitor public borrowing.
AFRODAD has maintained a long-standing crusade for debt cancellation, fairer international lending practices, and greater citizen participation in loan management and public expenditure across the continent.
