On Africa Day celebration, the African Forum and Network on Debt and Development (AFRODAD) recognizes the continent’s remarkable achievements in securing major positions to influence global economic, financial, and tax policies. However, AFRODAD also draws attention to Africa’s deepening debt entanglement, with debt levels having increased by a staggering 183 percent since 2010. African nations are now spending a total of$74 billion on debt service in 2024 alone, or a shocking $203 million in daily repayment terms. AFRODAD underscores that Africa is a net creditor to the world and has already paid its debtsthrough the exploitation of its economic resources by creditor nations and institutions. Urgent reform of the global debt architecture is imperative to equalize loan contraction processes, including the overhaul of debt sustainability frameworks and credit rating assessments.

Source: News Business Ethiopia May 26, 2024 17:22 UTC