President John Dramani Mahama has called on African leaders to take bold ownership of the continent’s debt crisis, describing it as both self-inflicted and unsustainable.
Speaking at the African Union High-Level Conference on Debt in Lomé, Togo, President Mahama stressed the need for accountability, transparency, and a shift in debt governance.
“Africa today stands at a crossroads. On the one hand, we are witnessing commendable progress… yet access to affordable, long-term finance remains elusive,” he stated.
President Mahama lamented that in 2024, African countries spent over $90 billion on debt servicing, “almost double the amount received in foreign aid”. This burden is undermining public investments in health and education.
Referencing Ghana’s experience, President Mahama said, “In Ghana, over the last several years there was an acceleration of debt accumulation, much of it going into budget support in a poor governance environment.”
“Sustainable debt is not just about ratios—it is about what debt finances, and the governance that underpins it,” the president stressed. “And here we, leaders of Africa, must take responsibility for the debt trap we find ourselves in” he added.
President Mahama called for more flexible multilateral support aligned with domestic priorities and urged African countries to approach creditor engagement with transparency and urgency. “This is not just a technical theme—it is a call to confront one of the most defining challenges of our generation.”