African Debt Relief Initiative
Cape Town Declaration 2025
Obasanjo and Osinbajo on Debt Relief
On February 27, 2025, in Cape Town, South Africa, eight former African leaders, including Nigeria’s ex-President Olusegun Obasanjo and former Vice President Yemi Osinbajo, signed the Cape Town Declaration. This initiative, launched under the African Leaders Debt Relief Initiative (ALDRI), calls for a new collective debt relief program to alleviate the external debt burdens of some of the world’s poorest countries. The leaders emphasized that mounting external debts are diverting essential funds from critical sectors such as education, health, and nutrition.
The proposed plan seeks to restructure both private and official debts, aiming to reduce borrowing costs and provide comprehensive relief to indebted nations across Africa, Asia, the Caribbean, and Latin America. This collective approach contrasts with previous initiatives, advocating for simultaneous inclusion of all affected countries to effectively address the global debt crisis.
