President John Dramani Mahama has described the global financial system as “unequal and outdated,” arguing that African economies continue to face structural disadvantages in accessing finance, technology and international markets despite their growth potential.
Speaking at the 12th Africa Debate on Wednesday, Mahama said redefining global partnerships must begin with a frank assessment of the challenges confronting developing economies.
“Redefining partnerships requires honesty. The current international financial architecture remains unequal and outdated,” he said.
The President argued that African countries continue to pay a premium for financing even as they pursue growth and economic transformation.
“African countries continue to face disproportionately high borrowing costs despite carrying some of the world’s greatest growth potential,” he stated, adding that climate financing commitments to developing nations have “remained largely unmet.”
Mahama also pointed to what he described as unequal access to innovation, saying “technology and innovative ecosystems remain heavily concentrated in the advanced economies,” while “trade barriers still disadvantage African producers seeking access to global markets.”
“This must change,” he stressed.
In a direct appeal for reforms to global trade arrangements, Mahama said Africa must move beyond its traditional role as a supplier of raw materials.
“True partnership requires trade that rewards value addition. Africa must no longer be seen as an exporter of raw materials only to import finished products at significantly higher cost,” he said.
He further called for changes to debt restructuring frameworks, insisting that “debt reform that supports development is needed.”
“Debt restructuring mechanisms must become faster, fairer and more inclusive,” Mahama stated.
On climate finance, the President said developed economies must honour their commitments to developing countries, arguing that Africa continues to shoulder a disproportionate share of climate-related costs.
“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 said.
The remarks come as African governments continue to push for reforms to the international financial architecture, including lower borrowing costs, improved access to climate funding and trade policies that support industrialisation and value addition across the continent.
