Media Advisory
Media accreditation is open until 12 November.
Launch of the United Nations Office of the Special Adviser on Africa’s (OSAA) 2024 flagship report on Africa’s development
On 14 November at the United Nations Headquarters in New York, OSAA will launch its 2024 flagship report, Unpacking Africa’s Debt: Towards a Lasting and Durable Solution. This latest report on Africa’s development, which is based on this year’s Report of the United Nations Secretary-General on the New Partnership for Africa’s Development (NEPAD), confronts the urgent need to reform Africa’s debt structures, providing a roadmap for African nations to escape the constraints of unsustainable debt, reclaim fiscal space and refocus resources on a sustainable development agenda.
In the post-COVID-19 economic landscape, Africa’s debt challenges have become an increasing barrier to development. External debt has climbed to more than $650 billion, and debt servicing costs reached nearly $90 billion in 2024, further limiting investments in critical areas. Despite comparatively moderate debt-to-GDP ratios, the high cost of debt servicing is crowding out essential spending in health, education and infrastructure. Over 40 per cent of African countries allocate more funds to debt service than to health—a stark reflection of how debt obligations are undermining Africa’s development goals.
The report emphasizes that without substantial financial reforms, African nations face an unsustainable path. Africa’s rich resources should serve as a foundation for growth, yet a complex triple paradox and an inequitable international financial structure are hindering the continent’s progress toward the Sustainable Development Goals (SDGs). Rising global interest rates and restrictive credit ratings further exacerbate the issue, threatening Africa’s ability to secure affordable financing. Without targeted interventions, the continent’s path to achieving the 2030 Agenda for Sustainable Development and the African Union’s Agenda 2063 considerably narrows.
This report offers actionable recommendations to help African countries regain financial autonomy, fortify their economies, and invest more directly in their citizens' future, including:
- Enhanced Support from Multilateral Development Banks: Reforms enabling MDBs to offer long-term, predictable financing at affordable rates would empower African countries to invest in priority sectors.
- Comprehensive Debt Relief Measures: Creating fiscal space through debt restructuring, rate reductions, and debt write-offs would enable African governments to reprioritize investments in development sectors.
- G20 Common Framework Improvements: Expanding the framework’s eligibility and adding state-contingent clauses can ensure African countries are better equipped to handle external shocks.
- Incentives Linked to SDG Progress: A suspension of debt repayments for countries demonstrating progress on specific SDG targets would allow nations to invest in health, education, and other essential areas.
- Reforming the Global Financial Architecture: Addressing Africa’s marginalization in global financial decision-making, including through revised voting rights at institutions like the IMF, would help create a fairer international system.
- Transparent Credit Ratings: Improving the transparency and fairness of credit assessments can reduce the excessive interest burdens that restrict Africa’s fiscal space for investment in resilience and development.
OSAA's 2024 flagship report is a call to action for African nations to reclaim their rightful financial autonomy, and for Africa’s development partners to transform the international financing mechanism into a contemporary win-win platform that prioritize long-term development solutions tailored to Africa’s realities. Through these actions, African countries can boost targeted investments to effectively impact the lives and livelihoods of their people.
Thursday, 14 November 2024 from 10 a.m. to 11:30 a.m. New York local time at the United Nations Headquarters in New York in Conference Room 8.
Register by 11 November at:
Remote participants can watch online with live interpretations on and contribute in real time via chat through .
H.E. Mr. Tiémoko Moriko, Permanent Representative of C?te d’Ivoire to the United Nations and Chair of the African Group in New York for the month of November 2024 is expected to deliver remarks and H.E. Ms. Mathu Joyini, Permanent Representative of the Republic of South Africa to the United Nations is expected to take part in an exchange that will also feature Dr. Mohamed Ibrahim, Associate Minister of Finance for Policies and Economic Affairs at the Ministry of Finance of the Arab Republic of Egypt.
The event will also include opening remarks from Cristina Duarte, the Under-Secretary-General and Special Adviser of the United Nations Secretary-General on Africa.
More details, including the programme and a full list of speakers, are available on the OSAA website at: /osaa/events/2024-nepad-report-launch
- Event page on the OSAA website: /osaa/events/2024-nepad-report-launch
- Webcast with live interpretation:
- YouTube live stream in English accepting contributions in real time through live chat:
Media accreditation is open until 12 November
Media representatives applying independently must submit an application form, including a letter of assignment from a bona fide media organization, samples of their work and a government-issued ID. Instructions are available on the Media Accreditation and Liaison Unit’s website.
Requests for delegation media, including journalists, official photographers and videographers, should be submitted by Missions and Organizations enrolled in the e-Registration system, which is available through the (instructions).
Note that ALL media representatives must apply for accreditation in advance, as there will not be on-site accreditation.
For more information, visit the UN Media Accreditation and Liaison Unit’s website or contact malu@un.org or +1 212-963-6934.
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- Rado Ratovonarivo (Mr.) | ratovonarivo@un.org
- Matilda Moyo (Ms.) | moyo1@un.org
- Keolebogile Diswai (Ms.) | keolebogile.diswai@un.org