The African Union (AU), in collaboration with the African Development Bank (AfDB) and the Government of Togo, has begun preparations for a high-level conference aimed at addressing the continent’s growing debt challenges. The conference, themed “Africa’s Public Debt Management Agenda: Restoring and Safeguarding Debt Sustainability”, will hold from May 12 to 14, 2025, in Lomé, the capital city of Togo.
The main goal of the conference is to develop and adopt the African Union Lomé Declaration on Africa’s Debt. This declaration will set out a common framework for debt management that AU Member States can follow. It is expected to provide clear guidelines to ensure debt sustainability, improve coordination among African countries, and promote a unified approach to dealing with international creditors.
The event is set to attract high-level participants, including ministers, heads of state, experts in economics and finance, representatives of regional and international organisations, civil society leaders, and academics. The wide participation shows the importance Africa is placing on fixing its debt problems before they reach unmanageable levels.
Over the three-day period, discussions will cover several important areas. These include the global financial system and how it affects Africa’s debt, the current state of public debt management across African countries, and the role of legal frameworks and parliaments in overseeing public borrowing. Other topics on the agenda are debt relief and restructuring, innovative financing options, the impact of international credit ratings on African economies, and how transparency and accountability can improve debt management.
The conference will also look at how international cooperation can help build the skills and institutions African countries need to manage their public debts properly. There will be technical sessions, a Presidential Dialogue, and panel discussions where both political leaders and financial experts will examine real-world challenges and offer practical solutions.
Some of the key speakers and panellists expected at the event include His Excellency Faure Essozimna Gnassingbé, President of Togo; Mr. Claver Gatete, Executive Secretary of the United Nations Economic Commission for Africa (UNECA); H.E. Mahmoud Ali Youssouf, Chairperson of the African Union Commission; Hon. Georges Barcola, Togo’s Minister of Finance; and Professor Kevin Chika Urama, Chief Economist and Vice President for Economic Governance and Knowledge Management at the African Development Bank Group.
With public debt levels in Africa reaching alarming levels in recent years, many governments are under pressure to rethink how they borrow and manage finances. Several African countries are already facing difficulties in servicing their debts due to high interest rates, falling export revenues, inflation, and currency depreciation.
The AU Lomé Declaration is expected to serve as a roadmap for better borrowing practices, more transparent use of borrowed funds, and improved collaboration among African countries when dealing with multilateral lenders and private creditors.
This conference could mark a turning point in how Africa handles public debt, if the recommendations and agreements are followed up with strong political will and action.
