At the recent African Development Bank Annual Meetings in Abidjan, President John Mahama unveiled significant strides Ghana has made in managing its national debt and championed stronger regional integration to boost Africa’s economic future.
Highlighting a GHC150 billion reduction in Ghana’s total debt over the past five months, President Mahama credited disciplined fiscal policies and the stabilization of the cedi for easing the country’s debt burden. With debt restructuring now 97% complete, Ghana is on track to meet its debt-to-GDP target of 55-58% by 2028 or earlier, a milestone expected to mark the conclusion of its extensive debt reforms.
Mahama emphasized the importance of channeling borrowed funds into productive, revenue-generating sectors such as tolled highways to ensure sustainable returns and timely debt servicing.
Beyond national finances, the President called on African nations to move beyond trade agreements by investing in critical infrastructure—railways, highways, and air links—to enable seamless intra-continental commerce under the African Continental Free Trade Area (AfCFTA). He also spotlighted Ghana’s progress in cocoa processing, raising local value addition from 25% to 40%, while urging collective regional efforts to dismantle persistent trade barriers.
Addressing structural inequities in global trade, Mahama stressed that Africa must build its own economic strength and unity rather than waiting for fairness from the international community.
“AfCFTA is not just a trade deal, it’s our path to economic independence,” he declared, urging African nations to leverage their combined resources to create jobs, add value locally, and assert their place in the global market.
President Mahama’s address framed Ghana’s economic recovery as intertwined with Africa’s broader ambitions for integration and self-reliance in global trade.
