Three days of intense discussions, diplomatic manoeuvring and political alliances have just come to a close in Lomé. On 14 May 2025, the first African Union Debt Conference came to a close with an unequivocal and unprecedented declaration: the continent will no longer abide by financial rules that condemn it to economic stagnation. With the theme « African Agenda for Public Debt Management: Restoring and Preserving Debt Sustainability », heads of state, finance ministers, central bank governors and institutional experts sounded a collective alarm. Already, more than a third of African countries are trapped in a spiral of unsustainable debt, with chronic fiscal imbalances, flagging public investment and growing social tensions becoming increasingly visible consequences.
The Lomé Declaration, adopted unanimously, represents a clear break. Africa is calling for a revision of the G20 Common Framework, which has been denounced as inadequate and opaque. Transparency in restructuring processes, coordination between creditors, systematic suspension of debt service during negotiation periods, and, above all, recognition of partial or total debt cancellation as an instrument of economic justice: the lines are clear.
« The G20 Common Framework. We’ve talked about it. We’ve called for a profound reform in terms of inclusion, in terms of accelerating accession processes, and in terms of facilitating access to financing and debt reduction for African countries. So you can see that the context is quite well-positioned. We leave Lomé with a high level of satisfaction. » »
Patrick Ndzana Olomo, Director of Economic Development and Integration, AUC – Gabon
The conference also highlighted internal projects. While the fight is global, it requires domestic rigor: budgetary discipline, transparency, the fight against illicit financial flows estimated at $90 billion per year, and professionalization of debt management. In this regard, the acceleration of the African Financial Stability Mechanism and the implementation of the Pan-African Credit Rating Agency are presented as concrete responses to loosen the grip of Western agencies and design tailored solutions.
« We have the internal resources, we have the subsoil resources. We still need to resolve this issue of international financial architecture so that we can reverse the trend globally. »
Georges Barcola, Minister of Economy and Finance – Togo
At the African Union, one goal is driving everyone’s attention: achieving sustainable growth of 7 to 10% per year over the coming decades. To achieve this, two battles are considered inseparable: climate and debt. The continent, a direct victim of climate change, loses up to 5% of its growth each year. Yet, it only receives 3% of the global climate financing promised. This aberration was denounced in Lomé. Another pillar on the table: the effective creation of the African Monetary Institute, awaited for two decades, which would embody a step towards concerted monetary sovereignty. But it is on a global scale that the African Union is now placing its hopes: a United Nations Framework Convention on Sovereign Debt is being called for.
