African Sovereign Debt Justice Network (AfSDJN)

The African Sovereign Debt Justice Network, (AfSDJN), is a coalition of citizens, scholars, civil society actors and church groups committed to exposing the adverse impact of unsustainable levels of African sovereign debt on the lives of ordinary citizens.

Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid.  

Focusing in particular on Kenya, Zambia, Zimbabwe, Mozambique, Nigeria and Senegal, the AfSDJN will also amplify African voices and decolonize narratives on African sovereign debt . Its activities include producing research outputs to enhance the network’s advocacy interventions. It also seeks to create awareness on and elevate the priority given to sovereign debt and other economic justice issues on the African continent and beyond throughout 2021. 

Sovereign Debt News Update No. 131: Mozambique’s Sovereign Debt Landscape Post October 2024 Elections

Undoubtedly, this fragile political environment has significant economic implications, including declining investor confidence, disruptions to economic activities, and a worsening fiscal outlook. For ordinary Mozambicans, political instability translates into rising costs of living, limited access to essential services, and growing concerns about economic security. Mozambique's debt situation remains precarious, with the government balancing debt issuance, salary obligations, and governance challenges. While efforts to settle debts and stabilize finances are ongoing, political instability and calls for accountability will be crucial in shaping the country's economic trajectory. The African Sovereign Debt Justice Network (AfSDJN) continues to monitor developments, advocating for the promotion of peace for the creation of a conducive environment for just and transparent debt management processes that prioritize economic justice and sustainable financial governance.

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Sovereign Debt News Update No. 129: Zimbabwe's Arrears Clearance Program: Governance Issues Impede Economic Recovery and Reform

Zimbabwe remains ensnared in a profound sovereign debt crisis that hinders its economic recovery and sustainable development. The country's debt overhang continues to undermine fiscal stability, with the national debt surpassing US$20 billion. Despite pledges of commitment to debt clearance, Zimbabwe’s efforts are slow and encumbered by internal and external challenges, including controversial domestic reforms and complex international relations. This update delves into the ongoing struggles in Zimbabwe’s re-engagement efforts as it seeks to manage its debt crisis while navigating international financial obligations and domestic reforms.

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FfD4 3rd Preparatory Committee Session-New York Participation: AfSDJN intervention on the Zero Draft section on Systemic Issues, specifically paragraph 56 on Capital Account Management and Financial Regulation

February 16, 2025 

Our Samantha Kanoyangwa represented the African Sovereign Debt Justice Network at the FfD4 3rd Preparatory Committee Session. 

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How to Strengthen the Proposals on Sovereign Debt Issues in the FfD4 Zero Draft

To better address the recurrent sovereign debt crisis many developing countries are facing, the proposals contained in the FfD4 Zero Draft need to be strengthened. This is because proposals to address the debt crisis must recognize that is not an aberration but rather an integral feature of the global financial and debt architecture. The Zero Draft needs to abandon the assumption that the primary reason for this indebtedness is that developing countries have overborrowed. Instead, the proposals in the Zero Draft need to take into account that the debt crisis is symptomatic of deeper structural features and weaknesses both of the global financial and debt architecture as well as of the economies of these indebted countries.

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The Risks of Private Capital Mobilization Proposals in Paragraphs 33 and 34 of the FfD4 Zero Draft to Ensuring High Quality Net Flows

My comments focus on Chapter II on Domestic and Financial Private Business and Finance. I will focus on the proposals relating to domestic financial sector, enabling environments and access to financing in paragraphs 31, 33 and 34 of the Zero Draft. My overall comment is that these proposals are a wish list for foreign investors not proven avenues of raising financings.

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One Hundred and Twenty-Eight Sovereign Debt News Update: Ghana’s Sovereign Debt Landscape Post December 2024 Elections

Ghana’s debt situation underscores the critical need for comprehensive domestic legal and policy measures to enhance debt sustainability, strengthen public financial management, and ensure inclusive growth. The new Mahama administration must prioritize systemic reforms that align fiscal policies with long-term economic stability and development goals. More importantly, it must push for the expediting of the debt restructuring efforts under the G20 Common Framework. Over and above, Ghana’s experience, together with those of Zambia and Ethiopia, continue to expose the inadequacies of the Common Framework, demonstrating the need for a new comprehensive, fair, and effective sovereign debt restructuring system based in the United Nations, and that is binding on all creditors, including commercial creditors.

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African Sovereign Debt Justice Network (AfSDJN) Solidarity Statement with the Global South on the Inequitable Outcomes of COP 29

26 November 2024

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One Hundred and Twenty-Seventh Sovereign Debt News Update: Restructuring, Ratings, and Reform: Ghana’s Debt Journey and Economic Outlook

The African Sovereign Debt Justice Network, (AfSDJN), is a coalition of citizens, scholars, civil society actors and church groups committed to exposing the adverse impact of unsustainable levels of African sovereign debt on the lives of ordinary citizens. Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid.

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One Hundred and Twenty-Sixth Sovereign Debt News Update: Zimbabwe Inches Towards Commitments Under its Arrears Clearance Program

The African Sovereign Debt Justice Network, (AfSDJN), is a coalition of citizens, scholars, civil society actors and church groups committed to exposing the adverse impact of unsustainable levels of African sovereign debt on the lives of ordinary citizens. Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid.

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