Many developing countries in Africa are struggling with high and rising debt levels, with about half of Sub-Saharan African countries at high risk of or already in debt distress. According to Bank of Ghana Governor Dr. Johnson Pandit Asiama per capita public expenditure on interest payments in Africa has surpassed spending on health and education.
Dr. Asiama made the remarks at the IMF/World Bank 2025 Spring Meetings, emphasizing the need for stepped-up international cooperation and support from development partners, including the IMF. African Governors are committed to proactive debt management, revenue mobilization, and expenditure rationalization to restore fiscal and debt sustainability.
The Governor called on the IMF to strengthen its support and policy agility to enhance resilience in developing countries. He also urged the IMF to maintain the concessionality of the Poverty Reduction and Growth Trust and replenish the Catastrophe Containment and Relief Trust to alleviate debt pressures. Additionally, Dr. Asiama emphasized the need for a more comprehensive debt relief strategy and enhanced policy coordination among international financial institutions to address debt vulnerabilities and climate risks.
Ruth Abla ADJORLOLO
