Hundreds of citizens across the African continent and beyond will participate in the inaugural African Conference on Debt and Development
(AfCoDD) organised by the African Forum and Network on Debt and Development (AFRODAD) together with various development partners. It will take place on 25th–27th August 2021 virtually, with physical meetings hosted in nine African countries.
AfCoDD is being organised against the backdrop of the devastating human, social and economic impact of the COVID–19 pandemic; and its acceleration of Africa’s debt crisis. The pandemic has led to the first economic recession in Africa for thirty years and is forcing governments to borrow their way out the crisis at great costs to society. The African Debt crisis has been accelerated by the onset of the global health pandemic and while many developing countries were already facing crisis before the pandemic, the nature of developing countries’ debt is far more complex than in the past, with a new landscape that poses greater risks.”
However, the debt relief measures initiated have little progressive impacts as the fiscal space created is often cancelled out through debt service, at the expense of essential public services such as health, education, and social protection It is estimated that due to the pandemic 30 million Africans were pushed into extreme poverty in 2020 and it is estimated that about 39 million Africans could fall into extreme poverty
by end of 2021. Those with lower levels of education, few assets, and working in informal jobs are most affected. Inequality is also set to increase, because of the disproportionate impact of the pandemic on such vulnerable groups as women, youth, persons living with disability, and low–skilled informal sector workers. These groups are particularly exposed because they often work in contact–intensive sectors with fewer possibilities to socially distance or work from home.
While there is an urgent need to reorganise the global financing architecture that is partly responsible for the piling up of debt by developing countries, governments and policy makers, academics, media and African citizens at large must also call for and commit to an economic
system that shares value more equally, is sustainable for the future of humanity and the planet, and that serves the people. AfCoDD will bring leaders of all mentioned sectors to champion a concerted African approach towards addressing the current debt crisis and to seek political
commitment to take preventive actions to avert future debt crisis. Moreso, creditors will be called to accept responsibility and contribute to the Building Forward Together process.
“The inaugural AfCoDD will lay down a marker for a renewed African Debt Movement that brings government, academia, media, and citizens together with common purpose and objective of making Africa a rule maker and not a rule taker as we come out of the global pandemic and debt crisis.”
For more information or to book interviews contact: Fidélité Nshimiyimana: fidelite@afrodad.org or Dennis Mutadzakupa dennis@afrodad.org
Register here to make your voice heard during AfCoDD.