Establishing the African Debt Monitoring Mechanism - An African Agency towards Data ownership

Establishing the African Debt Monitoring Mechanism (ADMM) An African Agency towards Data ownership

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As the pace of debt accumulation continues to escalate across African nations, the need for a robust and centralized approach to debt management has never been more urgent. This is why it's time to establish an African Debt Monitoring Mechanism (ADMM)—a vital initiative aimed at enhancing data ownership and transparency across the continent.

Africa's government debt has surged dramatically, with external debt surpassing $1 trillion in 2023. This has heightened concerns over the implications for public investment in crucial sectors like education and healthcare. In recent years, countries such as Egypt and Ghana have allocated a significant portion of their public revenues to servicing this debt, underscoring the need for coordinated action and innovative solutions. The ADMM aims to empower African nations by providing timely and accurate debt data, creating a centralized database to monitor and assess debt sustainability, and facilitating better management strategies.

Objectives of the side session

• Inform member states and stakeholders about the significance of establishing a centralized debt monitoring mechanism.
• Galvanize political support for the ADMM.
• Gather recommendations for the practical implementation of the ADMM.

Expected Outcomes: Participants can look forward to an increased understanding of the necessity for reform in global debt architecture; and the formation of stronger alliances to advocate for a UN Framework Convention on Sovereign Debt.

Co-organisers: This essential dialogue is co-organized by the African Union Commission, the Friedrich Ebert Stiftung (FES) AU Cooperation Office and the African Forum and Network on Debt and Development.

For more information or to participate, please contact Amanuel Desalegne at Amanuel.Desalegne@fes.de