Africa’s high debt service stalls 2030 agenda progress – UN
Africa is grappling with multiple crises, including a 183 per cent debt increase since 2010, quadruple the region’s growth rate, according to UN Deputy Secretary-General Amina Mohammed, cited by Xinhua on Wednesday.
Speaking at the 10th Africa Regional Forum on Sustainable Development in Addis Ababa, Ethiopia, she highlighted Africa’s “all-time” high debt servicing that has hindered economic progress and sustainable development investment.
Despite being halfway through the implementation of the Sustainable Development Goals (SDGs) via the UN 2030 Agenda, most SDGs are off track, either progressing too slowly or regressing below the 2015 baseline.
Mohammed emphasised the need for strategic interventions that utilise Africa’s vast natural and renewable resources, crucial for transitioning to green economies.
Despite housing 50 per cent of the world’s solar energy resources, Africa has only attracted 2 per cent of global renewable energy investment in the past two decades. However, significant progress has been made in securing sustainable energy access over the past six years.
The forum, held from April 23–25, offers African leaders a platform to advocate for a fairer global financial system, increased investment, and debt relief.
Mohammed recalled UN Secretary-General Antonio Guterres’ call for an annual SDG stimulus of at least $500 billion to boost affordable long-term financing for developing countries, emphasising the importance of Africa’s leadership and collective voice in realising this stimulus.
