9th November, 2024
Ireland’s President Michael D. Higgins has raised alarm over Africa’s escalating debt burden, revealing that the continent is projected to pay $163 billion in debt service this year—higher than the $61 billion recorded in 2010.
He made these comments during the 2024 Kofi Annan Eminent Speakers Lecture in Abidjan, hosted by the African Development Bank (AfDB).
In his address, President Higgins emphasized the severe impact of debt service obligations on African nations, pointing out that these payments now surpass social spending by two-thirds. “Children are starving, the planet is burning, and extreme poverty is on the rise,” Higgins warned, noting how these crises are disproportionately felt across low-income countries.
Higgins also criticized the global North for contributing 92% of emissions responsible for climate breakdown, noting that public financing for renewable energy in the global South is vastly outpaced by investments in fossil fuels. He underscored that current climate finance contributions to the most affected regions remain grossly inadequate, leaving many African nations without the necessary resources to confront escalating climate risks.
The president further lamented the impact of conflict on food security, stressing that violence across 20 territories has left 135 million people food insecure, while half of the world’s population—over four billion—are now malnourished. He called for an overhaul of the current debt relief frameworks, proposing a cap on debt service at 15% of revenue for countries outside capital markets, which could free up $97 billion annually for critical social and environmental programs across sub-Saharan Africa.
AfDB President Dr. Akinwumi Adesina praised President Higgins’ commitment to African development, noting Ireland’s recent 35 million Euro contribution to the African Development Fund and its support for climate adaptation through a six million Euro grant to the African Climate Change Fund.
Addressing the memory of the late UN Secretary-General Kofi Annan, after whom the lecture series is named, Adesina said the platform honors Annan’s legacy in multilateralism and food security. He underscored the need for value addition in African commodity exports, citing Malawi’s shift from a food aid recipient to an exporter as an example of the benefits of robust farmer support programs.
AfDB’s Chief Economist Prof. Kevin Urama concluded with a call to action for innovative solutions and collaboration in African development, stressing the importance of empowering future generations through sustainable strategies.
Since its inception in 2006, the Kofi Annan Eminent Speakers’ Lecture Series has welcomed global leaders including former presidents and Nobel Laureates,
