This archive report was first published on 9 May 2020.
As the COVID-19 pandemic ravages global economies, African leaders are increasingly calling for debt cancellations from international lenders and the world's biggest economies.
On May 6, 2020, Raila Odinga, the African Union Special Envoy for Infrastructure, echoed the sentiments of his counterparts from Rwanda, Uganda, Ethiopia, South Africa, and Senegal, who have recently called for either suspension or cancellation of debts owed by Africa.
“African Countries have huge debts and with the affected world economy, there is need for write-offs or review of the debt rates to ensure their survival post-coronavirus,” Mr Odinga told South Africa’s broadcaster SABC.
With a GDP of $2.58 trillion, Africa is the most indebted developing continent, owing about $350 billion to external lenders. The continent, which is a net importer of goods, could be in further turmoil should the pandemic continue.
“This pandemic has given us an opportunity to think out of the box. This is the time to realise Kwame Nkrumah’s call for the continent–Africa must unite,” said Mr Odinga.
Mr Odinga, prime minister of Kenya between 2008 and 2012, argues that the coronavirus scourge has ravaged global economies, making it difficult for largest economies to come to Africa’s aid post-corona as they too will be facing the huge challenge of resuscitating their economies.
