CHRICED welcomes Bill Gates’ recent call for more aid and debt forgiveness for Africa.

The American billionaire and philanthropist, Mr. Bill Gates was recently reported calling to rich governments to increase aid assistance to Africa and for debt forgiveness for overburdened countries to accelerate progress in the SDGs. 

This is a welcome call by the Microsoft Founder and we at the Resource Centre for Human rights & Civic Education (CHRICED) wish to join our voices to this clarion call to the rest of the world. The rescue of African states and others in the global south is urgent as the combination of post-COVID-19 economic crisis, climate change and lack of accountability have driven unprecedented inflation levels, poverty and inequality hauling more households and families into poverty and worsening inequality globally while threatening the progress in the SDGs. The dangerous pace of debt pileup in Africa holds immediate and long-term consequence on the fragile democracy and stability in the continent. According to The Conversation Magazine, “the debt situation in many African countries has escalated to a critical juncture, with twenty in or at risk of debt distress. 

According to the latest progress report on the journey to the SDG targets, only 17% of the 169 targets are on track to be reached by 2030, with one of the most problematic goals being SDG 8 – Decent work and economic growth i.e., promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all. At the current pace, the SDG overall performance may turn out to be a global failure creating far worse pressure on democracy and global peace.

“Achieving the economic transitions needed to reach the SDGs will require investments at unprecedented scale.” This is according to the 2024 Financing for Sustainable Development Report (FSDR 2024), which estimates SDG financing and investment gaps at between US$2.5 trillion and USD 4 trillion annually. However, with the debt crisis in Africa and the rest of global south, it is our considered opinion at CHRICED that the gaps are set to widen further without urgent actions from rich governments and international foundations in the global north.

Currently, debt service absorbs 41.5% of budget revenues, 41.6% of spending, and 8.4% of GDP on average across 144 developing countries, according to a recent study by Debt Relief International for Norwegian Church Aid. The report noted that “without urgent action problems would persist into the 2030s. The report noted that “current pressures were greater than during both the Latin American debt crisis of 1982 and the debt crisis of the 1990s.” According to the secretary general of the Norwegian Church Aid, Mr. Dagfinn Hoybraten, “the debt crisis is paralysing, and it undermines all other development efforts.” He noted further that “the 1982 crisis lasted over 20 years with much suffering before it was finally resolved in 2005.”

CHRICED believes that Gates’ appeal for increased aid and debt relief is not only timely but essential. Increased financial support can empower African nations to invest in critical infrastructure, improve access to essential services, and implement sustainable development initiatives that address immediate needs and long-term human capital deficits in the continent. Debt relief can create much-needed fiscal space for governments to prioritize social spending and invest in the well-being of citizens and prevent a rollback in critical SDG targets.

However, we at CHRICED also call for increased support for accountability and anti-corruption initiatives including public sector reforms and programs to tackle current institutional weakness under which significant debts are being frittered away or invested in wasteful ventures to satisfy rent seeking habits of government and their allies. 

CHRICED has identified that over 50% of government spending, particularly in Nigeria, is plagued by embezzlement and corrupt practices. It is imperative that the African governments and institutions, which will directly benefit from debt relief and increased financing, commit to clear programs and actions to improve transparency, accountability, and fiscal responsibility. The stewards of African economies must abandon the prevailing culture of greed, corruption, recklessness, and financial irresponsibility. Civil society organizations have continued to track governments under severe stress from intolerant and authoritarian African governments. It is our considered opinion that global partners invest in ventures to protect the shrinking civic space and protect vocal civil society leaders many that have been hounded into exile for speaking out and exposing corrupt officials, contractors and their networks. 

Finally, we at the Resource Centre for Human rights & Civic Education (CHRICED) thank Mr. Bill Gates for the call for increased aid and debt relief to overburdened countries in Africa. We encourage Mr. Gates to get the members of “the Giving Pledge” group, of which he is a member, to increase their contributions to Africa and use their influence to direct institutional support to the continent. 

Together, we can work towards a future where African nations are not only recipients of aid but are also empowered to thrive independently, fostering a sense of dignity and self-sufficiency among their citizens. We believe that with the collective efforts of philanthropic leaders like Mr. Gates, we can make significant strides towards achieving this vision.