President Michael Higgins of Ireland says Africa is likely to pay $163 billion in 2024 in debt service, up from $61 billion recorded in 2010.

A statement by the African Development Bank (AfDB) quoted Mr Higgins as saying this during the 2024 Kofi Annan Eminent Speakers Lecture in Abidjan, Côte d’Ivoire.

“Debt service exceeds social spending by two-thirds in Africa and low-income countries as a result of the debt crisis, children are starving, the planet is burning, and extreme poverty is rising,’’ he said.

He emphasised the urgent need for global collaboration to tackle the intertwined crises of climate change, mounting debt, and food insecurity in Africa.

“The Global North is responsible for 92 per cent of overshoot emissions, that is, the damage caused by climate breakdown.

 “Global South renewable energy is receiving 40 times less public finance than the fossil fuel sector,” he said.

The Irish president also pointed to the severe shortfall in climate finance for affected countries, saying current contributions from the global North for climate-hit countries remain grossly insufficient.

On food insecurity, Mr Higgins said half of the world’s over eight billion population is defined as malnourished, with more than one billion people in Africa struggling to afford a healthy diet.

He said conflict has become the main driver of food insecurity, affecting 135 million people across 20 territories.

Mr Higgins called for comprehensive systemic reform, arguing that “current debt relief frameworks are simply not working.”

He proposed a capping debt service at 15 per cent of revenue for countries outside capital markets.

The president said this move could potentially save sub-Saharan Africa at least $97 billion annually for vital social and environmental programmes.

The AfDB president, Akinwumi Adesina, commended Mr Higgins for his longstanding commitment to Africa’s development, noting his work in Africa spanning over 50 years.

Mr Adesina also restated Ireland’s €35 million pledge to the African Development Fund’s 16th replenishment and €6 million contribution to climate adaptation through the African Climate Change Fund.

“Ireland officially joined the AfDB Group as the 81st shareholder in April 2020 and has proven to be a committed supporter of Africa,” Mr Adesina stated.

He said African smallholder farmers could compete effectively globally when properly supported. He also recalled the case of Malawi, which transformed from a food aid recipient to an exporter after implementing extensive farmer support programmes.

“The export of primary commodities in their raw form is the door to poverty, and value addition is the gateway highway to wealth,” Mr Adesina said.

Similarly, Kevin Urama, the bank’s chief economist and vice president for Economic Governance and Knowledge Management, reiterated the importance of these discussions in shaping Africa’s development strategies.

(NAN)