GHANA – Thousands of protesters marched through Ghana’s capital Accra on Friday (August 29), demanding the cancellation of African debt and calling for trade justice in a demonstration that drew participants from across the continent.
The protest comes amid growing concerns over Africa’s mounting external debt, which has more than doubled since 2020 to surpass US$1 trillion by 2024, according to figures released by UNDP last week.
Many Sub-Saharan African countries now face a high risk of debt distress, with the region’s average debt-to-GDP ratio approaching 60 per cent by the end of 2024, up from around 30 per cent a decade earlier.
Ghana, the host country for the protest, has recently made progress in addressing its own debt challenges. In January 2024, the nation reached a draft agreement to restructure US$5.4 billion in debt, and its Parliament approved a further debt restructuring deal in June 2025.
Protesters argue that individual country efforts are insufficient to address the systemic issues plaguing African economies.
They echo calls made by former African heads of State at a summit in Cape Town in March, which urged for comprehensive debt relief for highly indebted nations and lower borrowing costs across the board.
In recent months, African diplomats from countries such as Zambia, South Africa and Malawi have been lobbying the UK Government to support legislation that would prevent private creditors from suing debtor nations during restructuring processes.
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