The African Union Commission has raised the alarm over the continent’s growing debt crisis, warning it is undermining development across Africa.
Speaking in Ethiopia at a G20-Africa high-level dialogue on debt sustainability, AU Chairperson Mahamoud Ali Youssouf said Africa’s public debt has reached about $1.8 trillion, roughly two-thirds of the continent’s GDP.
He noted that the debt burden is driven by high borrowing costs and limited access to concessional finance. In 2024 alone, African governments spent over $70 billion on debt service, consuming a growing share of public revenues and reducing funds available for critical development projects.
“With many governments spending more on servicing debt than on investments in human development, both economies and people are suffering,” Youssouf said.
He stressed the need for urgent collective action to restore debt sustainability and improve Africa’s access to capital on fairer terms, warning that failure to act could stall the continent’s progress for years to come.
