AfDB Highlights Progress in Africa’s Debt Management at PFMA Spotlight in Accra
The African Development Bank (AfDB) has spotlighted growing momentum in sovereign debt management and fiscal reform efforts across Africa during the second edition of its Public Finance Management Academy (PFMA) Spotlight on Public Debt Management in Transition States.
Held from June 30 to July 4 in Accra, Ghana, the high-level capacity-building event brought together officials from 22 African countries classified as Transition States—those grappling with political, economic, and environmental vulnerabilities. The week-long training aimed to strengthen African countries’ capacity in loan negotiations, debt restructuring, and fiscal transparency.
Opening the forum, Ghana’s Deputy Minister of Finance, Thomas Nyarko Ampem, showcased Ghana’s economic reform achievements, particularly in managing debt distress.
He noted Ghana had secured one of the fastest credit rating upgrades globally post-restructuring and highlighted a 5.3% GDP growth in Q1 of 2025, alongside dropping inflation and a surging currency.
Although Ghana is not a Transition State, its successful reforms served as a model for fragile African economies. Zambia was also commended for enacting new legislation that established a dedicated Debt Management Department, supporting its restructuring under the G20 Common Framework.
The Spotlight also recognized debt management gains in Transition countries. Sierra Leone was lauded for increased transparency and decisive moves to clear arrears, which contributed to a sharp fall in inflation—from 52% in 2023 to 7.5% by April 2025. The Gambia, meanwhile, reduced its debt-to-GDP ratio from 120% in 2017 to 74% at the end of 2024.
Dr. Eric Ogunleye, Director of the African Development Institute, urged African nations to look inward for solutions, noting: “African countries have solutions for most of the problems facing them… our focus is to make debt work better for Africa.”
Participants proposed the creation of an “Accra Club,” a borrowers’ coalition modeled after creditor alliances like the Paris and London Clubs, aimed at strengthening Africa’s collective voice in debt negotiations.
The African Development Bank continues to support these reform efforts through various platforms, including the Africa Debt Managers Initiative Network (ADMIN), the Debt Management Forum for Africa (DeMFA), and the PFMA Spotlight.
“The African Development Bank is your bank,” Ogunleye concluded. “We’re here to not only provide solutions but also implement them for sustainable outcomes.”
