By Ihechi Enyinnaya
In a historic move aimed at addressing Africa’s growing debt challenges, seven former African heads of state have come together to sign the Cape Town Declaration. This declaration marks the launch of the African Leaders Debt Relief Initiative (ALDRI), an effort focused on securing urgent debt relief and more equitable borrowing terms for African nations.
The Cape Town Declaration, which will be officially unveiled during a press conference on February 27, 2025, aligns with the African Union’s Agenda 2063 and South Africa’s G20 presidency, which has prioritized debt sustainability and relief. The event will take place on the sidelines of the G20 Finance Ministers meeting in Cape Town, emphasizing the need for a global shift towards more sustainable economic policies.
The distinguished African leaders leading this initiative include:
HE Olusegun Obasanjo, Former President of Nigeria (Chair)
HE Macky Sall, Former President of Senegal
HE Joyce Banda, Former President of Malawi
HE Jakaya Mrisho Kikwete, Former President of Tanzania
HE Dr. Ameenah Gurib-Fakim, Former President of Mauritius
HE Hailemariam Desalegn, Former Prime Minister of Ethiopia
HE Yemi Osinbajo, Former Vice President of Nigeria
These leaders are committed to reshaping the global financial system to provide better debt management solutions for African nations. Their unified voice is expected to amplify calls for fairer lending practices and comprehensive debt relief measures that can secure Africa’s sustainable development in the long term.
The initiative’s launch at the Southern Sun Cullinan Hotel in Cape Town will bring together media representatives, policymakers, and experts to discuss Africa’s economic future. Journalists are invited to attend the media briefing at 10:30 AM South Africa Standard Time on Thursday, 27th February 2025.
This initiative is expected to become a pivotal moment in the global conversation on debt relief and sustainable development for Africa.