The institutions that govern the global economy were built for a world that no longer exists, and Africa can no longer afford to operate within a system designed without its interests in mind, President John Dramani Mahama has said.
Addressing audience at the 12th Africa Debates at London’s Guildhall, President Mahama called for reform of global governance institutions to reflect Africa’s growing demographic and economic significance, saying the current architecture had been built in the aftermath of a different era and needed to be fundamentally updated.
He said African countries continued to pay disproportionately high borrowing costs despite being home to some of the world’s fastest-growing economies and holding some of its most valuable natural resources.
He noted that technology and innovation ecosystems remained heavily concentrated in advanced economies, trade barriers continued to disadvantage African producers, and climate finance commitments to developing nations had gone largely undelivered.
“Climate finance must be delivered. Africa contributes the least to global emissions and yet bears a disproportionate burden of the effects of climate change,” he noted.
President Mahama said debt restructuring mechanisms needed to become faster, fairer, and more inclusive, arguing that the current pace and terms of debt restructuring were incompatible with the development needs of African nations.
He also made a pitch to the United Kingdom, saying Britain had a unique opportunity to redefine its relationship with Africa and that there was a clear strategic economic case for deeper engagement.
He said the partnership between the UK and Africa could unlock trade diversification, investment expansion, energy transition goals, financial services collaboration, and innovation exchange for both sides.
“This relationship must evolve from one that is primarily shaped by aid to one anchored in enterprise, innovation, and investment,” he stressed.
President Mahama told investors that Africa was not a risk to be managed but an opportunity to be seized, pointing to a continent that was youthful, entrepreneurial, digitally connected, resource-rich, and increasingly reform-oriented.
He said the next phase of global growth would not be driven solely by mature economies, and that Africa, with its expanding population, rising consumption, and growing productive capacity, represented the world’s most consequential growth frontier.
The President said organisations like Invest Africa, which hosted the event, were playing an important role in facilitating the transition from aid-based to enterprise-based engagement, and commended their work in building bridges between African governments and global capital.
Richard Aniagyei, ISD
