The G5 Sahel calls for a total restructuring of the debt of its member countries

The five member countries of the G5 Sahel – Burkina Faso, Mali, Mauritania, Niger and Chad – call for a deep restructuring of their debt in order to allow them to continue to meet the urgent and legitimate expectations of their populations in terms of security and development .

In a declaration adopted after their 7th Summit organized on February 15 and 16, 2021 in N’Djamena, the capital of Chad, the five Sahelian countries believe that the moratorium on the debt of the poorest countries decided in April 2020 by the G20 does not is not enough.

“The heads of state of the G5 Sahel, concerned about the capacity of sub-Saharan African countries to bear the weight of their debt due to the consequences of the Covid-19 pandemic and the weight of security spending, call for mobilization of all stakeholders for a deep restructuring of the debt of the G5 Sahel countries ”, insists the ad hoc declaration on debt.

The G5 Sahel countries devote between 17 and 30% of their budget to military and security spending.

Strategic partner of the G5 Sahel countries and the leading development finance institution in Africa, the African Development Bank has devoted, this year, its flagship report, “Economic Perspectives in Africa 2021” to the issue of indebtedness on the following theme : “From debt resolution to economic growth: a roadmap for Africa”.

The report was unveiled this Friday, March 12 in Abidjan during a virtual ceremony marked in particular by a high-level exchange between the president of the African Development Bank Group, Dr Akinwumi A. Adesina, and the Nobel laureate in economics. , Prof. Joseph Stiglitz.

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Many issues such as the post-Covid-19 economic recovery, systems of economic governance in Africa and prudent debt management were addressed by President Adesina and Professor Stiglitz, joined by Lesetja during a panel. Kganyago, Governor of the Central Bank of South Africa, Ernest Kwamina Yedu Addison, Governor of the Central Bank of Ghana, Aia Eza Nacilia Gomes da Silva, Secretary of State for Budget and Public Investments of Angola as well as Masood Ahmed, president of the Center for Global Development.

Each year, the Africa Economic Outlook report provides an overview of the African economy and develops the strengths and weaknesses of each of the five regions of the continent: Southern Africa, Central Africa, East Africa, North Africa and West Africa.

This emblematic publication of the African Development Bank dissects through a country profile the economic situation of each of the 54 regional member countries.

The annual publication of the African Economic Outlook is eagerly awaited by governments, academia, business circles and development partners, who see it as a solid benchmark for analyzing and putting African economies into perspective.

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