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Home » News » AfDB launches Debt Mgt Forum
News

December 16, 2024


AFDB LAUNCHES DEBT MGT FORUM

Layer 1


By Jimoh Babatunde

African countries have been urged to be strategic in changing the narratives on
debt from a debt sustainability challenge to a debt productivity opportunity.



The Vice President and Chief Economist, Economic Governance and Knowledge
Management, African Development Bank Group, Prof Kevin Chika Urama, made the
call in Abuja, Monday, at the launch of the Debt Management Forum for Africa
(DeMFA) and Inaugural Policy Dialogue on “Making Debt Work for Africa: Policies,
Practices and Options.”


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He said through investments in strategic pro-innovation industrial policy
reforms with the right policy mix to boost factor productivity, manufacturing
value added and inclusive economic growth, debt financing can become a key
driver of accelerated structural transformation in countries.

“Tried and tested policies such as local content, franchising and preferred
procurement could go a long way in boosting investments in value chains of
competitive advantages in countries, create jobs and boost economic prosperity.

He added that industrial policy on its own is not a magic solution to slow
growth, employment creation, and poverty reduction.

“Rather a pro-innovation policy mix that prioritizes strategic value chain
development in key competitive sectors can help to boost inclusive economic
growth and sustainable development in countries.”

To make debt work for sustainable development in Africa, Urata said the African
Elites and development Practitioners – Policymakers, Debt Management Officers,
and Development Partners must be prepared to think without a box.

“For as Albert Einstein rightly noted, we cannot use the old map to chart the
new world. If we continue to do the same thing over and over, we should at best,
expect the same results.

“I therefore encourage us to have the audacity to think originally, be brutally
frank with ourselves regarding the current models, policy options and tools that
inform decisions to borrow, what we borrow for, where we borrow from, in what
currency and more importantly, how we deploy the borrowed resources.



Prof. Urata said with over 70% of Africa’s publicly guaranteed debt being US
dollar denominated, the high levels of volatility in the foreign currency
markets and heightened inflationary pressures in several African countries,
borrowing short-term high interest debt presents several challenges that must be
carefully considered for informed sustainable borrowing policy decisions
depending on specific national contexts.

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“We must apply the underpinning principles of economics and development finance
policy, both theories and practices learned from the African experience, to
craft relevant and implementable home-grown solutions to Africa’s debt
challenges, amid the rising uncertainties and multi-polarization in the global
economy.”

While noting that the continent should continue to advocate for reforms of the
global financing and debt architectures, he said it is imperative for Africa to
learn from each other’s experiences and from continents outside its shores to
craft home-grown solutions to its persistent debt sustainability challenges.

Prof. Urata said Africa can build and strengthen its own fiscal buffers, and
address the perennial challenges posed by the global debt markets that have
engrained debt sustainability challenges in African countries.

“For example, experience has demonstrated that, by boosting domestic resource
mobilisation and strengthening macro-economic policy frameworks, countries can
make their domestic as well as regional financial systems more resilient.



He added that Africa needs to learn from the recurrent debt conundrums that
results from growth contractions during global shocks and uncertainties.

“Some of those contractions come from increased misallocation of capital across
sectors in uncertain times.

“We need to refocus on fiscal discipline, improve capacity in public finance
management, and facilitate more efficient resource allocation that spur growth
both in good and lean times.”

He said structural reforms to promote domestic and foreign direct investment can
help lower borrowing costs and reduce funding needs.

While summarising key reasons for the inauguration and effective
operationalization of the DeMFA, Urata said Africa’s public debt has surged by
170% since 2010 due to both structural issues in the global debt architecture,
recent global and domestic shocks, and weaknesses in Africa’s macro-economic
fundamentals.



“The heightened debt burdens weigh on public finances, diverting resources away
from infrastructure investment, thus constraining future GDP growth and economic
transformation.”

He noted that most of the debt were contracted during a protracted period of
low-interest rate regimes in the global market.

“This trend has changed since the post-Covid-19 pandemic fiscal consolidation
policies in countries. Tighter global financial conditions, the ensuing elevated
sovereign debt spreads, and exchange rate depreciations have raised borrowing
costs and shut most market-access countries from international capital markets.

“The average sovereign spreads in Africa have soared—to three times the emerging
market average since the beginning of the tightening cycle.

He explained that the establishment and the inaugural meeting of the Debt
Management Forum for Africa (DeMFA) is another key milestone in the African
Development Bank’s efforts to build Africa’s capacities and provide
institutional frameworks and instruments for the Continent to address its
persistent debt sustainability challenges.



“The Debt Management Forum for Africa provides the platform for high-level
dialogue by African Leaders, Experts and Practitioners on how to make debt work
for Africa’s development.”




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DISCLAIMER

Comments expressed here do not reflect the opinions of Vanguard newspapers or
any employee thereof.



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