President John Dramani Mahama has urged African leaders to adopt a united front in addressing the continent’s deepening debt crisis, warning that continued unsustainable borrowing threatens to erode hard-won development gains and national sovereignty.
Delivering the keynote address at the African Union High-Level Conference on Debt in Lomé, Togo, President Mahama described Africa’s debt predicament as a “paradox of need and vulnerability,” noting that many countries now spend more on debt servicing than on health and education combined.
“Africa cannot continue on this trajectory without risking its future. We must act collectively, and act now,” he stated.
President Mahama revealed that Africa faces a staggering $402 billion annual financing gap through 2030 a shortfall that continues to undermine the continent’s development aspirations.
He called for bold reforms, including improved domestic revenue mobilization, enhanced tax systems, and the curbing of illicit financial flows.
He also advocated for increased investment in infrastructure, technology, and human capital.
Central to his message was the need to strengthen African multilateral institutions.
Mahama reaffirmed support for the establishment of bodies such as an African Central Bank, African Monetary Fund, and a Pan-African Stock Exchange, stressing that these would help anchor economic sovereignty and resilience.
“No one will develop Africa for us. We must finance our own future,” he said.
In closing, President Mahama emphasized that only a united, well-resourced, and strategically aligned Africa can achieve the goals of the AU’s Agenda 2063.
“An integrated, peaceful, and prosperous Africa is within reach if we are willing to confront the debt trap together and build institutions that serve our people,” he concluded.
The conference, convened under the auspices of the African Union, brought together heads of state, finance ministers, and global financial experts to craft a roadmap for sustainable debt management and economic transformation across the continent.
By: J.W Quarm
