During a joint press briefing on the margins of the recently concluded 2024 High Level Political Forum (HLPF), Claver Gatete, Executive Secretary of the UN Economic Commission for Africa (ECA), called upon countries to explore reforms to the common debt relief framework to better address rising high indebtedness in Africa.

Highlighting the challenges of accessing financing for the continent’s priorities, “especially the concessional funds that are long term and cheaper,” Gatete said, “the reform of the global financing system is urgent, as it can mitigate access to critical resources needed for the implementation of the SDGs.” 

He noted that from 2010 to 2023, Africa’s debt increased by 192 percent according to data by the African Development Bank stating: “African countries are paying $163 billion per year with an external debt stock of $1.1 trillion. This increase is the highest we have ever seen.”

“This means that by paying the debt, countries have very little room to implement the SDGs and the next 10-year program of the African Union,” he added.