Group Seeks Debt Relief For Africa, Urges Citizens To Hold Leaders Accountable

Nigeria, Africa– In a bold move for economic justice, the Community Outreach for Development and Welfare Advocacy (CODWA) has issued a resounding call for debt cancellation for the African continent.

This is contained in a statement issued by the Executive Director, Comrade Taiwo Otitolaye, who said there is an urgent plea to African citizens to hold their leaders accountable for prudent and development-oriented approaches to debt management.

According to him, CODWA is prepared to collaborate with various stakeholders to mobilize support for debt cancellation throughout Africa.

The organization emphasizes the need to craft local and Pan-African strategies to address the complex issue of debt.

The statement criticizes the global imbalance and stringent conditions imposed upon African nations by international financial institutions such as the IMF and World Bank.

“CODWA draws attention to the Special Drawing Rights (SDRs), highlighting the disadvantageous position of African countries in the international financial system. Currently, Africa is set to receive a mere 5% of the total SDR allocation, amounting to approximately $33 billion, a paltry sum given the continent’s global economic significance.

“The African Union has echoed this sentiment by advocating for an increase in Africa’s SDR allocation to $100 billion, aiming to address economic vulnerabilities and promote stability.

“CODWA is committed to working alongside the African Network for Environment and Economic Justice (ANEEJ), which recently convened a comprehensive conference on debt management and development in Abuja. This gathering featured key stakeholders, including civil society organizations (CSOs), government agencies, media representatives, development partners, and the Open Government Partnership (OGP), Nigeria.

“Special Drawing Rights (SDRs) are designed to supplement member countries’ foreign exchange reserves, reducing their reliance on expensive domestic or external debt. These allocations enhance economic stability, safeguard against fragility, and foster prosperity in African nations.

“As of the first quarter of 2023, Nigeria’s debt has soared to N87.38 trillion, posing a significant burden. A substantial portion of Nigeria’s revenue is now allocated to servicing this debt, resulting in a marked decline in the quality of life for its citizens,” the statement read.

Furthermore, CODWA has expressed deep concern about the complicity and indifference of global financial institutions in the face of embezzlement by African governments and leaders.

It calls upon African citizens to strengthen their networks and partnerships to hold leaders accountable for their stewardship.