Ireland’s President, Michael D. Higgins, has issued a warning about the rising debt crisis in Africa, urging immediate reforms to help African nations escape escalating debt burdens.
Speaking at the 2024 Kofi Annan Eminent Speakers Lecture in Abidjan, hosted by the African Development Bank (AfDB), President Higgins highlighted the massive $163 billion that Africa is projected to spend on debt service this year.
This is a dramatic increase from the $61 billion recorded in 2010.
In his speech, President Higgins addressed the serious consequences of Africa’s debt, noting that these high payments have severely impacted funding for essential social services.
“Debt service is now two-thirds more than what many countries spend on social services,” he remarked.
“Children are starving, the planet is burning, and extreme poverty is on the rise.”
He emphasised that the effects of debt are felt most acutely in low-income countries.
The Irish leader did not hold back in his criticism of the global North, which he said is responsible for 92% of the emissions causing climate change.
He stressed that while African nations contribute very little to global emissions, they are among the hardest hit by climate disasters.
Higgins pointed out the disparity in funding, explaining that public financing for renewable energy in the global South lags far behind the billions still being invested in fossil fuels.
This lack of financial support, he argued, leaves many African countries struggling to handle climate risks.
“Current climate finance for Africa is not only inadequate but unfair,” Higgins stated.
He called for richer nations to step up their contributions, noting that Africa needs greater financial support to protect its vulnerable populations from climate impacts.
The Irish President also expressed concern over food security, especially in countries affected by conflict.
He reported that violence across 20 African regions has left 135 million people food insecure, and globally, over four billion people suffer from malnutrition.
Higgins used these stark statistics to argue for urgent reform in debt relief policies.
One of his key proposals was to limit debt service payments to 15% of a country’s revenue for nations that lack access to international capital markets.
He explained that this cap could save African countries an estimated $97 billion annually, money that could be redirected to healthcare, education, and environmental programs.
Higgins’s message found strong support from Dr. Akinwumi Adesina, President of the African Development Bank.
Adesina praised Higgins for his dedication to African development, acknowledging Ireland’s recent contributions to the African Development Fund, totaling 35 million Euros.
Additionally, Ireland’s 6 million Euro grant to the African Climate Change Fund reflects its commitment to helping Africa tackle climate adaptation.
“President Higgins’s words carry the weight of a true friend of Africa,” Adesina commented.
He spoke fondly of the late Kofi Annan, the former UN Secretary-General for whom the lecture series is named.
According to Adesina, the series honors Annan’s legacy, particularly his commitment to food security and multilateral cooperation.
He highlighted the importance of adding value to African exports as a way of boosting the continent’s economic resilience.
As an example, Adesina referenced Malawi’s transformation from a nation dependent on food aid to one that now exports its agricultural products—a success he attributed to robust farmer support programs.
Adesina called for more initiatives like this to empower African nations and reduce their dependency on foreign aid.
The Kofi Annan Eminent Speakers Lecture Series, which began in 2006, has hosted prominent figures, including former presidents and Nobel Laureates.
This year’s lecture by President Higgins has stirred conversation about the role of wealthy nations in supporting Africa’s development.
