African countries advanced sovereign debt reforms during specialized training in Accra, spotlighting progress toward economic stability amid overlapping challenges.

Organized by the African Development Bank’s Public Finance Management Academy, the week-long event focused on enhancing loan negotiation and restructuring skills for nations facing high debt distress risks. Ghana’s Deputy Finance Minister Thomas Nyarko Ampem opened the session, detailing the country’s accelerated recovery following its own restructuring. Ghana recorded 5.3% growth in early 2025—surpassing targets—with inflation at a three-year low and its currency leading global performance. New laws now impose strict borrowing controls and ministerial oversight for government loans.

Zambia showcased legislative reforms establishing a dedicated Debt Management Department under the G20 Common Framework. The Gambia reduced its debt-to-GDP ratio by 46 percentage points since 2017 through rigorous sustainability assessments. Sierra Leone slashed inflation from 52% to 7.5% in 18 months via enhanced transparency and arrears clearance.

Dr. Eric Ogunleye, Director of the African Development Institute, emphasized homegrown solutions: “African countries hold answers to most challenges; we must look inward.” Key proposals included an “Accra Club” borrower coalition to unify African positions in debt talks, mirroring global models. Participants also stressed developing early-warning systems for timely debt crisis interventions.

The African Development Bank continues backing reforms through initiatives like the Debt Management Forum for Africa and the PFMA Spotlight series, aiming to institutionalize sustainable fiscal practices.