Africa Urges G20 to Cancel USD 150 Billion Debt at Addis Ababa Summit

ADDIS ABABA — African nations have called on G20 members to cancel more than USD 150 billion in debt during the opening of the G20 Africa High Level Dialogue on Debt Sustainability in Addis Ababa on Monday. The landmark forum aims to address what African leaders describe as an “unjust” global financial system that burdens developing nations with high borrowing costs (10/11/2025). 

According to the African Union (AU), the meeting held from November 10 to 13 brings together over 20 African heads of state, G20 finance ministers, and representatives from the IMF, World Bank, and African Development Bank (AfDB). The dialogue focuses on tackling debt distress and reducing the cost of capital for African economies.

AU Commission Chairperson Moussa Faki Mahamat stated, “Africa is not asking for mercy, but for a fair and transparent financial system,” as quoted from the official AU website.

Reuters reported that several G20 nations, including Canada, Japan, and Saudi Arabia, expressed openness to reviewing current global financing frameworks. China, one of Africa’s largest creditors through its Belt and Road Initiative, pledged to “work closely with African partners to reschedule debt payments without hindering long-term development projects.”

The AfDB warned that nearly 40% of African countries are at high risk of debt distress, with total public debt reaching USD 1.3 trillion in 2025. High interest rates and limited access to global capital markets have further strained public finances across the continent.

Speaking to Al Jazeera, Nobel laureate economist Joseph Stiglitz said, “If the G20 agrees on a fairer restructuring mechanism, Africa could become the world’s next growth engine.”

The summit is expected to conclude with the “Addis Ababa Declaration on Fair Financing,” setting a framework for new cooperation between developed and developing economies in addressing the global debt crisis.