The FES AU office in collaboration with the African Sovereign Debt Justice Network (AfSDJN) and African Forum and Network on Debt and Development (AFRODAD) convened a CSO Forum on Sovereign Debt on 8th March 2021 in advance of the Conference of African Ministers of Finance, Planning and Economic Development (17-23 March 2021).
The growing African sovereign debt poses a grave concern for the African citizens as countries entangled with a growing budget deficit and limited monetary space. As a result, the ability to fight the Covid-19 pandemic and economic recovery becomes a daunting task. Against this background, the CSO forum demanded more policy space for the CSOs and informs the AU and relevant stakeholders to have common continental voce towards the rising sovereign debt in Africa. The Forum salutes the African Ministers Conference being organized under the theme Africa’s Sustainable Industrialization and Diversification in the Digital Era in the Context of COVID-19, and notes that without taking bold steps to resolve the debt crisis, the African Union’s Agenda 2063, including industrialization and increased intra-African trade, could not be achieved.