Prez Mahama urges African leaders to accept blame for debt crisis, calls for stronger oversight and reform

President John Mahama has urged African leaders to take part in the responsibility for the continent’s mounting debt burden.

He emphasised the need for responsible borrowing, greater transparency, and improved oversight.

Speaking at the African Union Debt Sustainability Conference in Lomé, Togo, President Mahama noted that poor governance and borrowing for consumption purposes have significantly contributed to the debt challenges facing many African nations, including Ghana.

“In Ghana over the last several years, there was an acceleration of debt accumulation, much of it going into budget support and consumption expenditure, and in a very poor governance environment,” he said.

President Mahama, who serves as the African Union’s Champion of Financial Institutions, stressed that African governments must ensure that loans are directed toward high-impact, value-driven sectors such as agriculture, education, health, and infrastructure.

He also highlighted the importance of stronger parliamentary oversight in the debt acquisition and management process, insisting that transparency and accountability must underpin every borrowing decision.

Mahama called for a broader shift in the global conversation around African debt, advocating for a narrative that reflects the continent’s potential rather than its problems.
“How do we redefine Africa’s debt narrative?” he asked. “Let us leave here with a renewed vision — a vision where debt is no longer synonymous with crisis but with capacity; where our economies are built not on extraction and aid but on innovation, value addition, and equity, and where we act not as debtors pleading for relief but as partners demanding reform.”

“Ghana stands ready, shoulder to shoulder with our fellow African nations, to champion this agenda. Let us walk this road together with courage, clarity, and commitment. Africa, united in vision and action, can overcome its debt challenges and deliver prosperity for generations of Africans yet to come,” he added.

Also speaking at the conference, Zambian President Hakainde Hichilema echoed the call for sustainable debt solutions and stronger financial independence.

“Zambia was the first country to restructure its debt under the G20 Common Framework, an experience that, despite complexities, delivered meaningful relief,” President Hichilema stated.

He emphasised the need for investment in local financial institutions to drive development and reduce reliance on foreign lenders.

“If Africa is to become self-sufficient in financing our future, we must invest in our financial institutions so that they can facilitate development financing, regional crisis response, and debt restructuring,” he said.

“Zambia stands ready to collaborate with fellow African nations and key stakeholders across the world to transform debt management into a tool for scalable and indeed sustainable prosperity,” he added.