Dr Theophilus Yungong is the Interim Executive Director of AFRODAD
The African Forum and Network on Debt and Development (AFRODAD) has urged African Heads of State, Finance Ministers, development partners, and multilateral institutions to champion a United Nations Framework Convention on Sovereign Debt.
He warned that Africa’s debt crisis is eroding the continent’s ability to deliver essential services such as clean water and sanitation.
Speaking ahead of the 39th African Union Summit in Addis Ababa, Interim Executive Director of AFRODAD, Dr Theophilus Yungong, noted that governments across Africa spend nearly 19 percent of public revenues on debt repayments, with external debt payments projected to reach $90 billion in 2026.
Public debt also has climbed to $2.1 trillion, exceeding 60 percent of GDP, with 21 countries already in or at high risk of distress.
“AFRODAD calls upon African Heads of State, Finance Ministers, development partners, and multilateral institutions to champion a UN Framework Convention on Sovereign Debt, expand concessional and grant-based financing for water and climate adaptation, reform global credit rating systems to eliminate structural bias, and protect water and sanitation budgets from austerity-driven cuts,” Dr Yungong said.
He further urged governments to prioritise domestic resource mobilisation strategies that are equitable and growth-enhancing.
Although Africa accounts for just 1.9 percent of global public debt, AFRODAD stressed that the continent pays disproportionately high servicing costs.
This, the organisation warned, diverts resources away from critical investments in irrigation systems, sanitation facilities, and climate-resilient infrastructure.
Africa’s water financing gap remains stark. Current investment stands at $10–19 billion annually, far below the $40–50 billion required to meet demand.
The shortfall limits the development of irrigation systems, dams, sanitation facilities, and climate-resilient infrastructure needed to support agriculture, urban growth, and industrialisation.
Closing this gap, AFRODAD argued, requires predictable, affordable, and long-term financing, not short-term, high-cost borrowing that deepens debt vulnerabilities.
Leaders gathered in Addis Ababa for the 39th Ordinary Session of the African Union (AU) Assembly from February 14–15, 2026 under the theme “Assuring Sustainable Water Availability and Safe Sanitation Systems to Achieve the Goals of Agenda 2063.”
Africa’s worsening water crisis reflects the combined impacts of climate change, chronic underinvestment, and a global financial system that constrains the continent’s ability to care for its people.
SA
Source:
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