Experts discuss Africa's debt management at AfCoDD VI in Nairobi

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Experts and officials convened in Nairobi for the sixth African Conference on Debt and Development (AfCoDD VI) to address the continent’s growing debt crisis, which currently leaves approximately 21 African countries at high risk of or already in debt distress. Participants, including representatives from the UN Economic Commission for Africa and the SADC Parliamentary Forum, identified fragmented institutional oversight and a lack of transparency in loan-level details as significant barriers to effective debt management. With Africa requiring an estimated $1.3 trillion annually to meet 2030 Sustainable Development Goals and facing a $21 billion liquidity shortfall, speakers emphasized the urgent need for stronger parliamentary scrutiny and comprehensive public disclosure of debt, including liabilities from state-owned enterprises.

Consequences

In the near term, the implementation of the Common African Position on Debt is expected to formalize new frameworks like the African Debt Monitoring Mechanism to improve transparency. Legislative bodies may also see an increased push for technical training and model laws to enhance their capacity to challenge government borrowing proposals and ensure fiscal accountability.

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