G20 tackles Africa’s debt trap
Executive Summary
World leaders convened at the first G20 Summit on African soil in Johannesburg, hosted by South Africa, to tackle the continent's escalating debt crisis amid $1.16 trillion in external debt. President Cyril Ramaphosa urged reforms to the international financial architecture and debt sustainability efforts, while UK Prime Minister Keir Starmer endorsed reshaping global capital markets, mobilizing private investment, and shifting from aid to partnership with the Global South. A report by Trevor Manuel recommended forming a 'borrowers’ club' for debtor nations and overhauling credit rating agencies to address biased risk perceptions. Failure to act risks a 'lost decade' for African development, highlighting the urgency for collective global reforms.