President John Mahama used the World Economic Forum in Davos to argue that Africa must move decisively away from aid dependence and debt-driven development, warning that shrinking global humanitarian budgets and a weakening multilateral order leave the continent with little choice but to build its own economic capacity.
Speaking at a high-level Accra Reset side event, Mahama said the global system that underpinned post-war development cooperation is fragmenting, as donor countries cut overseas assistance and redirect spending toward defence. Africa, he said, can no longer rely on external support to fund health systems, education or economic transformation.
The president said Ghana is attempting to demonstrate an alternative path. After returning to office, he stated that his government stabilised a debt-distressed economy by cutting spending, reducing the size of government to 58 ministers and renegotiating debt to redirect resources toward domestic investment. President Mahama on inflation cited Ghana’s return to single digits, noting the stabilisation of the cedi and confidence in businesses.
The Accra Reset Initiative, introduced at the United Nations last September, intends to scale such reforms beyond Ghana. Mahama described it as a practical framework rather than a declaration, designed to help countries across Africa and the Global South coordinate reforms, mobilise investment and strengthen economic sovereignty.
Africa’s reliance on donors for health and education funding, combined with dependence on foreign security and commodity exports, has created what Mahama called a “triple dependency” trap. With development finance tightening, he warned that failure to act risks deepening poverty and unemployment, particularly among young people.
Africa’s digital and industrial potential remains significant, Mahama said, but only if matched with execution. He argued that accountability, governance reform and disciplined public finance management are now prerequisites for attracting long-term investment.
The president said engagements will continue at the African Union summit in Addis Ababa and other global forums as the initiative seeks broader buy-in.
