A group of former African leaders is growing louder in its push for collective relief from private, bilateral, and multilateral creditors as some of the world’s poorest countries struggle to meet crippling debt burdens.
The African Leaders Debt Relief Initiative launched earlier this year in Cape Town, South Africa, on the sidelines of the G20 finance ministers’ meeting. With it came the Cape Town Declaration, which calls for comprehensive debt restructuring and efforts to lower the cost of capital for highly indebted countries. The group is chaired by former Nigerian President Olusegun Obasanjo, and includes former presidents from Senegal, Malawi, Tanzania, Ghana, and Mauritius, and a former prime minister of Ethiopia.
“About 90%…