Africa faces escalating debt challenges exacerbated by external shocks, currency volatility, and unfavourable borrowing conditions. In 2024, debt servicing costs soared to $90 billion, straining public finances and hindering progress toward the SDGs. A key solution lies in expanding local currency (LC) lending by multilateral development banks (MDBs). LC lending reduces exchange rate risks, enhances debt sustainability, and fosters economic resilience. Strategic steps include scaling up direct LC loans, improving debt management systems, and incentivizing LC borrowing through policy reforms. Upcoming global forums provide opportunities to advocate for Africa-led solutions.
Asia and the Pacific
Latest News
Despite progress over the past 10 years to promote and protect the human rights of Black people worldwide, racism and discrimination persist, the President of the UN General Assembly President said recently.
STEM education is emerging as a critical lever for Africa's economic future, aligning closely with the AU’s Agenda 2063 and the UN's 2030 goals. To accelerate progress, African leaders are called to boost STEM funding to at least 20 percent of national educaion budgets for education. This could generate a robust innovation ecosystem, reduce dependency on external technology, and unlock Africa's demographic dividend—ultimately positioning the continent as a leader in sustainable, knowledge-based growth.
Secretary-General's Message on Africa Day 2022
The Office of the Special Adviser on Africa (OSAA) strives for coordinated, effective and sustained UN and international support for Africa’s transformative efforts for inclusive sustainable peace, security, socioeconomic development and justice for all in the continent. Read full vision and mission statement ??
OSAA aims to enhance international support for Africa's development and security through its advocacy and analytical work, assist the Secretary-General in improving coherence and coordination of the UN System support to Africa, facilitate inter-governmental deliberations on Africa at the global level... Find out more ?
OSAA produces a number of publications within its mandate. These range from mandated Secretary-General’s reports to policy briefs on various issues affecting Africa. The reports provide the research needed for OSAA to carry out its advisory, advocacy, coordination and monitoring roles. Read the reports ?