Ethiopia, 10 November 2025 — African Union Commission Chairperson Mahamoud Ali Youssouf has called for urgent reforms to the global financial system to ensure fairer access to capital and sustainable debt management for African countries.
Speaking at the G20–Africa High-Level Dialogue on Debt Sustainability, Cost of Capital, and Financing Reforms in Addis Ababa, Youssouf urged world leaders to recognize Africa as “a partner to be empowered, not a risk to be managed.”
“Africa is not asking for charity; we are asking for fairness. We seek a financial system that recognizes our reform record, our demographic dividend, and our potential as a growth frontier of the 21st century,” the AU Chairperson said.
He commended South Africa’s G20 Presidency under President Cyril Ramaphosa, lauding its focus on solidarity, equality, and sustainability. He noted that the principles align with Agenda 2063, the African Union’s long-term vision for inclusive growth and transformation.
Youssouf warned that Africa’s mounting debt burden, estimated at USD 1.8 trillion —roughly two-thirds of the continent’s GDP —poses both an economic and a moral challenge. He revealed that in 2024 alone, debt-service payments surpassed USD 70 billion, consuming a big chunk of public revenues.
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“Today, Many African governments are spending more on servicing debt than on investing in human development, and approximately 57 per cent of Africa’s population lives in countries where debt servicing surpasses social spending,” he noted. “This situation is unsustainable, not only economically but morally.”
The AU chief underscored the need for a new financial order that redefines debt sustainability to emphasize development outcomes rather than mere repayment capacity. He called for reforms to the global credit rating system, the expansion of concessional and blended finance, and innovative mechanisms such as debt-for-climate swaps and regional credit guarantees.
Youssouf also highlighted AU’s initiatives to enhance fiscal transparency and autonomy, including the creation of an African Credit Rating Agency and an African Debt Monitoring Mechanism.
“This dialogue is about more than debt; it’s about dignity, development, and destiny. Let it mark the day Africa and the G20 stood together to make the global financial system fairer, more inclusive, and more sustainable,” he added.
The Chairperson urged both African governments and G20 partners to embrace shared responsibility and collective action.
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