Debt crisis 'Crippling' African development, warns Manuel

Former finance minister Trevor Manuel has issued a stern warning about impediments to growth crippling the African continent.

Manuel issued the warning while addressing delegates at the B20 summit in Sandton on Wednesday.

The global business community is meeting for the final time during South Africa’s G20 presidency before officials from all of the bloc’s task forces decide on a potential declaration at Nasrec this weekend.

Manuel said the odds are still stacked against the continent.

“If we have the global system arraigned against Africa as we have, with credit ratings agencies excluding us, with the cost of capital what it is you will never be able to reach Gen z and unemployment of young people will remain a problem and the political risk will overwhelm everything else that we talk about. We’ve got to take a reading of where we are and recognise that the world is broken," said Manuel.

Manuel, who is also the chair of the G20 Africa expert panel said it’s up to African leaders to lead dialogue and action on the continent’s future.

“We have to drive the change, and I think we need an ‘all-in’ effort right now," said Manuel.