Ramaphosa warns soaring African debt demands urgent global intervention

G20 Summit: Ramaphosa warns soaring African debt demands urgent global intervention

Mapaballo Borotho

Ramaphosa has urged the international community to respond urgently to Africa’s rising debt burden, warning that billions now live in countries spending more on interest than essential services.
He met African leaders at the G20 Summit to reaffirm South Africa’s commitment to advancing the continent’s priorities under Agenda 2063.
Leaders backed new G20 initiatives and called for coordinated global action to address the debt crisis and unlock sustainable growth.

President Cyril Ramaphosa has sounded the alarm over Africa’s escalating debt burden, urging the international community to take immediate and coordinated action to prevent further economic strain on the continent.

Speaking on the sidelines of the historic G20 Leaders’ Summit in Johannesburg on Friday, Ramaphosa highlighted that more than 3.4 billion people now live in countries where more is paid in interest than in health or education, a crisis, he says can no longer be ignored.

Ramaphosa met with African Heads of State and Government, the African Union (AU), and regional organisations to reinforce South Africa’s commitment to advancing Africa’s development priorities within the G20 framework.

He reiterated the G20’s renewed partnership with Africa, grounded in the AU’s Agenda 2063. He emphasised the need for growth, jobs, and increased private-sector investment to unlock the continent’s full economic potential.

Leaders also reviewed the four key priorities that shaped South Africa’s G20 Presidency: strengthening disaster resilience, ensuring debt sustainability for low-income countries, mobilising finance for a just energy transition, and harnessing critical minerals for inclusive, sustainable development.

They welcomed initiatives such as the AI Initiative for Africa, the Ubuntu Principles on Food Security, and the G20 Africa Cooperation Agenda on Trade and Investment, all designed to support Africa’s long-term growth and integration.

African leaders expressed strong support for the G20 Ministerial Declaration on Debt Sustainability, calling for urgent action to ease high debt service costs and tackle the structural causes of recurring debt crises.

They further congratulated South Africa on hosting a successful, prestigious ceremony, with the main event expected to take place on Saturday, at the Nasrec Expo Centre in Johannesburg.