The President of the ECOWAS Commission, Omar Alieu Touray, has emphasized that debt sustainability is crucial for achieving inclusive growth and development in the West African sub-region.
Touray delivered this statement during the G20 Ministerial Conference, highlighting the significance of strategic debt management to avert economic stagnation, social unrest, and obstacles in reaching long-term development objectives.
“Debt sustainability goes beyond being merely an economic issue; it is essential for promoting inclusive development, enabling nations to invest in vital areas like education, healthcare, and infrastructure without the strain of overwhelming financial responsibilities,” Touray expressed.
He also called for strengthening regional economic communities to improve international cooperation, economic recovery and multilateralism, emphasizing that these executives are essential for coordination, regional policies, infrastructure development and exchange expansion.
Experts have warned that bad debt management could result in less fiscal freedom, greater reliance on foreign aid, and slower economic growth.
Nigeria, West Africa’s largest economy, has raised worries about its rising debt levels, with a sizable amount of national revenue dedicated to debt payment.
Economic analysts point out that Nigeria’s costs for debt servicing have exceeded its revenue growth, providing minimal space for essential development investments.
Additional West African countries, such as Ghana, Sierra Leone, and Liberia, are also facing significant debt loads, limiting national budgets and exacerbating socio-economic difficulties.
Ghana, for example, requires financial support from the International Monetary Fund (IMF) due to the unsustainable debt level and serious tax imbalance.
In addition, security challenges in countries such as Burkina Faso and Mali still set financial and economic stability.
The G20 Ministerial Conference, held in Johannesburg under South Africa’s leadership, brought together global economic leaders to address serious financial challenges.
South Africa was the only African nation in the G20 before the African Union was admitted as a permanent member, and it has played an important role in pressing for increased African representation in global economic governance.
President Cyril Ramaphosa, who officiated the meeting, emphasized the need for multilateral engagement to create a more equitable international economic system.
Touray’s address aligned with the broader theme of the conference, which focused on strengthening global partnerships amid economic uncertainties.
He reiterated that in order to guarantee economic resilience and shared prosperity in West Africa, responsible debt policy and better financial governance are crucial.
As ECOWAS continues to promote regional integration, Touray’s remarks reinforced the urgency of sustainable debt management strategies, stronger institutional frameworks, and increased global cooperation.
Experts argue that by implementing sound debt management policies and fostering regional collaboration, West African nations can position themselves for long-term economic success while securing the well-being of their citizens.
