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In the report, the Secretary-General provides an analysis of how the debt challenges facing Africa severely limit its ability to invest in the Sustainable Development Goals and Agenda 2063: The Africa We Want. He examines how the historically extractive nature of African economies has influenced the continent’s borrowing and how debt-driven investment has thus far failed to contribute meaningfully to its economic transformation. The Secretary-General also explores the evolving role of domestic debt in African economies, as well as the rapid rise of external debt, the high cost of capital and the associated economic vulnerability. Unlocking domestic resource mobilization and properly investing in the economic transformation of Africa are identified as strategic actions that can help de-risk African economies, build resilience and deliver sustainable development. Debt can be an important source of financing for investment in the Goals if channelled toward areas that foster growth and structural transformation. Investing in the Goals, climate resilience, disaster risk reduction and adaptation can also reduce long-term economic risk. Predictable access to affordable finance is critical to finding a lasting solution to current debt challenges. The current international financial architecture fails to adequately cater to the urgency of investing in the Goals and Agenda 2063, and the Secretary-General recommends needed reforms from an African perspective to deliver a lasting solution with regard to debt and towards predictable and affordable sources of finance.

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