HAVING reflected on and discussed the debt crisis in Africa and its effects on the people of the continent,

CONSIDERING:
That the root-causes of these debts lie in the history of slavery and colonialism,

That the debt crisis is a function of the unjust system of international trade and investment and of unaccountable government,

That the conditions and policies that constitute the framework for the repayment of these debts are unjustifiable instruments of control of the destiny of the African people,

That Africa has paid by way of the debt servicing far more than the original loans contracted and that currently for every $1 in grant to Africa, that developed world takes out of Africa $1.31;

NOTING:
The general failure of IMF and World Bank policies and prescriptions in Africa,

That the international financial institutions are inefficient, undemocratic, non-transparent and unaccountable in their dealings with Africa and undermine our sovereignty,

That these debts are simply unpayable and that Africa will continue to be in economic bondage and its ability to develop blocked unless the debt burden is eliminated;

CONCERNED ABOUT:
The inability of governments in Africa to alleviate, let alone eliminate mass poverty;

CONVINCED THAT:
Writing off these debts, as was the case with Britain and Germany after the second world war, would have negligible impact on the international financial institutions and markets,

HEREBY DEMAND:
The immediate and unconditional cancellation of Africas’s external debts;

That all the gains from debt cancellation be re-channelled into social services, in particular, education, health and housing;

That good governance, accountability and responsibility in African states be part and parcel of the conditions before any new loans are contracted;

That accountability, transparency and democracy be established in the structures and operations of the international lending institutions;

That the current system of international trade and investment be restructured so that Africa can be free to develop its resources for the benefit of her people;

That organisations of civil society be actively consulted and involved by both lending institutions and African governments in loan transactions;

TO THIS END WE CALL:
For the formation of Jubilee 2000 national coalitions across the continent embracing the whole spectrum of civil society and its organisations in Africa to spearhead the active mobilisation of African people in the campaign to eliminate the debt burden;

On religious bodies to stand up to their moral obligation and fulfil their prophetic mission of defending the voiceless;

On other Jubilee 2000 Coalitions to sustain and deepen their solidarity with the Jubilee 2000 Afrika Campaign;

FINALLY:
We dedicate ourselves to the Jubilee 2000 Afrika Campaign for the elimination of the debt burden so that Africa will have the opportunity of harnessing her human and natural resources for development and transformation as we enter the 21st millennium.

Accra 19th April 1998