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

Former President John Dramani Mahama has called on African leaders to address the continent's growing debt. He emphasized responsible borrowing, transparency, and better oversight.

Mahama spoke at the African Union Debt Sustainability Conference in Lomé, Togo. He noted that poor governance and borrowing for consumption have worsened debt issues in many African countries, including Ghana.

“In Ghana, debt accumulation has accelerated in recent years,” he said. “Much of this debt supports budgets and consumption in a poor governance environment.”

As the African Union’s Champion of Financial Institutions, Mahama stressed that loans should target high-impact sectors. These include agriculture, education, health, and infrastructure.

He also highlighted the need for stronger parliamentary oversight in managing debt. Transparency and accountability must guide all borrowing decisions.

Mahama urged a shift in how the world views African debt. He asked how to redefine Africa’s debt narrative positively.

“Let us leave here with a renewed vision,” he said. “Debt should not mean crisis but capacity. Our economies must focus on innovation and equity.”

He added that Ghana is ready to support fellow African nations in this agenda. “Together we can overcome our debt challenges and ensure prosperity for future generations,” he stated.

Zambian President Hakainde Hichilema also spoke at the conference. He echoed calls for sustainable debt solutions and financial independence.

“Zambia was the first country to restructure its debt under the G20 Common Framework,” he noted. This experience provided meaningful relief despite its complexities.

Hichilema emphasized investing in local financial institutions for development. “To become self-sufficient, we must strengthen our financial institutions,” he said.

He concluded by stating Zambia is ready to collaborate with other nations on effective debt management strategies for sustainable prosperity.