Obasanjo decries “Economy of Dependency” at G20 event in Johannesburg
By Kunle Sanni –
Former Nigerian President Olusegun Obasanjo has warned that decades of foreign aid and loans have entrenched a damaging pattern of dependency across African economies.
He made the remarks while speaking at a G20 event in Johannesburg, South Africa, where leaders from across the Global South gathered to discuss development reforms.
Obasanjo, delivering a message published on the Ghana government’s official website, argued that Africa must shift away from reliance on aid and borrowing, which he described as inadequate and increasingly counterproductive.
“Our history of aid and loans has created an economy of dependency. To move forward, we must re-architect our economies based on trade and investment,” he said.
According to the statement, the Accra Reset has already established an interim secretariat in Ghana and expanded its Circle of Leaders to include more than two dozen former heads of state and international organisation leaders.
Obasanjo commended South Africa’s leadership of the 2025 G20 cycle, highlighting its focus on equitable global financial architecture, resilient healthcare systems, digital public infrastructure, inclusive growth, and enhanced Global South participation in multilateral decision-making.
He emphasized that durable global solutions must be co-created rather than imposed, calling for stronger cooperation between the G20, the African Union, and the Accra Reset. He also underscored the need for trade- and investment-led development models, as borrowing becomes increasingly unsustainable for African nations.
Obasanjo concluded by expressing gratitude to South African President Cyril Ramaphosa and all G20 members for opening the door to what he described as “a new partnership” aimed at building a fairer international development system capable of delivering real and lasting change.
