President John Dramani Mahama has called for reforms to the global financial system to make borrowing more affordable for African countries, urging the United Kingdom to prioritise the continent’s debt challenges when it assumes the presidency of the Group of 20 (G20) in 2027.
He said the high cost of debt servicing was placing significant pressure on African economies, limiting governments’ ability to finance critical infrastructure, improve public services and create jobs.
President Mahama made the appeal on Friday, October 23, during a meeting with the cross-party UK Parliamentary Group in London, where he highlighted the need for stronger international cooperation to address the continent’s financing difficulties.
He urged the UK to use its upcoming G20 leadership to promote measures that would help African countries manage their debt obligations and secure financing on more favourable terms.
According to the President, the burden of repaying loans at high costs was restricting the fiscal space available to governments for investments in schools, hospitals, roads and employment-generating initiatives.
He called for a coordinated international response to make the global financial architecture more responsive to the needs of developing economies, particularly countries struggling with debt repayment pressures.
President Mahama’s appeal comes as African countries continue to face the challenge of balancing debt obligations with the need to finance development priorities.
The G20, a forum of major economies that discusses global economic and financial issues, provides a platform for international cooperation on debt sustainability and development financing.
With the UK expected to assume the group’s presidency in 2027, Mr Mahama wants the country to use the opportunity to advance discussions on affordable financing and reforms that could ease the pressure on African economies.
His call underscores the need for international financial cooperation that enables developing countries to meet their debt obligations without compromising essential public investment and long-term economic growth.
