Obasanjo, Osinbajo, African leaders move to tackle debt crisis

Olusegun Obasanjo, former President of the Federal Republic of Nigeria (Chair), Yemi Osinbajo, former Vice President of the Federal Republic of Nigeria, and five other former African Heads of State, have moved to tackle the debt crisis in Africa.

As a result, seven former African Heads of State have come together to sign the Cape Town Declaration, a decisive call for urgent debt relief and fairer borrowing terms for African nations.

This was disclosed in a statement, entitled, ‘Historic initiative to be launched to tackle Africa’s debt crises’, by African Leaders Debt Relief Initiative.

The declaration marks the launch of the African Leaders’ Debt Relief Initiative, a unified effort to push for a comprehensive debt solution.

The Cape Town Declaration will be unveiled on the sidelines of the G20 Finance Ministers in Cape Town where South Africa’s G20 Presidency has placed debt sustainability and debt relief at the heart of the global economic agenda.

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It also aligns with the African Union (AU) agenda 2063 reinforcing Africa’s long-term vision for sustainable development.

This landmark initiative is spearheaded by a distinguished group of African leaders committed to contributing to re-shaping the global financial system. The African leaders who have signed the Declaration include, Obasanjo, Osinbajo, Macky Sall, former President of the Republic of Senegal, and Joyce Banda, former President of the Republic of Malawi.

Others are Jakaya Mrisho Kikwete, former President of the United Republic of Tanzania; Ameenah Gurib-Fakim, former President of the Republic of Mauritius, and Hailemariam Desalegn, former Prime Minister of the Republic of Ethiopia.

The initiative will be launched during a press conference on Thursday, February 27, 2025.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.