• Panel warns that several low-income countries face mounting debt pressure

• Calls for a simple mechanism to replace costly debt with affordable financing

• Report critiques slow G20 Common Framework and pushes for borrower coalition

With three days to go before the G20 summit in Johannesburg, South Africa, a panel of African experts is pressing the international community to act. Their message: without a large and immediate refinancing mechanism, several poor countries in Africa and beyond risk being overwhelmed by their debt burden.

Set up by South Africa’s G20 presidency, the group argues that traditional approaches are too slow and too limited. They call for an end to long restructuring processes and technical talks that drag on without delivering results. Instead, the experts propose a simple and rapid tool: a mechanism allowing expensive debt to be replaced with accessible financing before repayment pressures become unmanageable.

In a report released Tuesday, they outline several options, including a dedicated fund able to buy back the most costly bonds or debt-swap mechanisms using concessional resources. The IMF could play a central role by using Special Drawing Rights (SDRs), and the institution’s gold reserves are also mentioned if G20 members agree to make them available.

The proposals reflect a clear warning: for many low-income economies, time is running out. Debt repayments are surging, budget space is shrinking, and social programs are increasingly cut back. “Some countries need breathing room now, not in 2027,” said one panel member.

The team includes well-known figures such as a former South African Finance Minister and a former Governor of the Central Bank of Kenya. All criticize the inefficiency of the G20’s Common Framework launched after COVID-19. Zambia and Ghana, meant to be test cases, spent years in the process without a final agreement. Meanwhile, countries such as Senegal and Mozambique face rising pressures.

The panel goes further, urging indebted countries to unite in a “club of borrowers” to rebalance a landscape largely dominated by creditors. The goal is to strengthen their influence on reforms to the global financial architecture, especially at the IMF.

For its part, the African Union is advocating for a continental refinancing mechanism, though without a firm timeline. The underlying message is shared: debt is again at the center of economic debate and is threatening financial stability in several regions.