President John Dramani Mahama used his address to the 81st Session of the United Nations General Assembly to call for structural reform of the international financial system, arguing that the current architecture is stacked against developing economies, particularly in Africa.
Speaking in New York on 24 September, the President said “developing nations borrow at interest rates up to eight times higher than industrialised nations,” a disparity he framed as a direct legacy of colonial-era economic structures rather than a neutral market outcome.
He noted that African and Caribbean nations hit by climate disasters are compelled to take on additional debt to fund recovery from crises they did not cause, telling delegates that “governments are forced into a tragic choice: to service predatory debt or serve their people.”
Mahama called for long-term, affordable, and accessible concessional financing to let developing economies invest in human capital, industrialisation, and climate adaptation, rejecting the framing of such support as charity.
“Africa does not seek charity. Africa seeks equal partnership anchored in mutual respect,” he said, pointing to the continent’s youthful population, arable land and mineral wealth as leverage rather than liabilities.
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The President tied the financing gap to unfair trade regimes, resource extraction and discriminatory credit ratings, declaring simply, “We demand reform.” He said real repair requires structural transformation, not gestures.
Ghana’s own experience featured as a counterpoint, with Mahama citing independent validation from multilateral financial institutions and international credit rating agencies of the country’s macroeconomic turnaround as evidence that disciplined governance can shift outcomes even within an unequal system.
With Ghana set to take over the African Union chairmanship in January 2027, the country will have a platform to push for changes to debt financing, access to capital, and the rules shaping how African economies engage with the global financial system.
