AU adopts declaration on debt restructuring, sustainability

The African Union (AU), on Wednesday, adopted the Lomé declaration on debt.

The union adopted the charter at its conference on debt, themed ‘Africa’s Public Debt Management Agenda: Restoring and Safeguarding Debt Sustainability’.

Held between May 12 and May 14 in Lomé, the conference gathered policymakers from the AU member states, experts, development partners, regional organisations, civil society, and academia to assess the global financial architecture and its implications for Africa’s debt landscape.

It was learnt that the event was organised in collaboration with the African Development Bank (AfDB) and the government of Togo.

The declaration, which marked the highlight of the conference, outlines measures to resolve Africa’s current debt challenges, according to a social media post by Tolu Ogunlesi, communication and external relations officer at the AfDB.

He said it also outlines commitment to debt restructuring, sound debt management practices, and measures to mobilise new financing while safeguarding debt sustainability.

Ogunlesi, a former presidential aide, said the document also advocates for a legally binding global mechanism (at UN level) for debt resolution.

Breaking: African Union Lomé Declaration on Debt adopted, 14 May 2025#AfDebtManagement

Outlines:
—Measures to resolve current debt challenges
—Measures to mobilize new financing while safeguarding debt sustainability
—Commitment to debt restructuring
—Commitment to sound debt… https://t.co/NRnrDWzLbs

— Tolu Ogunlesi, MON (@toluogunlesi) May 14, 2025

Speaking during the event, President Hakainde Hichilema of Zambia underscored the need to build Africa’s internal capacity to manage debt and respond to crises effectively.

“If Africa is to become self-sufficient in financing our future, we must invest in our financial institutions so that they can facilitate development financing, regional crisis response, and debt restructuring,” he said.

The Zambian leader called for collective action and long-term thinking, saying the decisions made at the AU conference would shape the continent’s future.

“Zambia stands ready to collaborate with fellow African nations and key stakeholders across the world to transform debt management into a tool for scalable and indeed sustainable prosperity,” he added.

“The choices made at this conference will define our future, and together, we can secure a financial system that serves our people and strengthens our continent for generations to come.”

On his part, Essowè Georges Barcola, Togo’s minister of economy and finance, said Africa will never come out of indebtedness unless it reforms the financial architecture at the international level.

Barcola said with a single voice, “we can face the G20 and tell them what we expect of them. I believe the Debt Conference has paved the way”.