Addressing West Africa's rising debt profile

Debt sustainability across the ECOWAS region has become a growing concern in recent years, with the rising debt profile attributed to the impact of the COVID-19 pandemic. In response to this challenge, the Nigerian Economic Summit Group (NESG) and the Open Society Initiative for West Africa (OSIWA) have teamed up to establish the Debt Management Roundtable. The primary objective of this initiative is to delve beyond mere analysis and complaints about mounting debts and to strategize on enhancing debt management practices to ensure sustainability. Taiwo Oyedele, Chairman of the Debt Management Roundtable, and Afolabi Olowookere, Divisional Head for Economic Research and Policy at the Securities and Exchange Commission, shed light on the collaborative efforts being made to address this pressing issue. Oyedele emphasizes the importance of understanding the drivers behind debt accumulation and the focus on optimizing debt usage to achieve lasting benefits. Similarly, Olowookere stresses the need for effective engagement with policymakers and the consideration of key areas like governance and transparency in debt management strategies. The interview highlights the complex challenges faced by countries in West Africa and the critical role of sustainable debt management practices in navigating the economic impact of the pandemic and ensuring long-term financial stability.