President John Mahama has called on African leaders to adopt a bold new strategy for managing public debt—one anchored in transparency, accountability, and results-oriented investment.
Speaking at the inaugural African Union Debt Conference in Lomé, Togo, Mahama emphasized the need to reframe borrowing as a tool for development rather than a pathway to crisis.
He stressed that debt should directly benefit citizens by funding high-impact projects and improving economic conditions.
“Debt must serve the people,” he asserted, calling for enhanced parliamentary oversight, routine public debt audits, and open budget systems to foster greater public trust and investor confidence.
Mahama criticized the current lack of transparency, noting that under 40% of African nations publish detailed debt data, according to the IMF.
He urged for reforms that would tie borrowing to tangible returns in sectors like agriculture, infrastructure, energy, health, and education.
Citing Ghana’s approach, Mahama highlighted the country’s strategic investments in value-added agriculture, manufacturing, and renewable energy to drive job creation and sustainable development.
The three-day AU Debt Conference brought together policymakers, financial experts, and key stakeholders to share best practices and reshape Africa’s debt narrative.
Held under the theme “Africa’s Public Debt Management Agenda: Restoring and Safeguarding Debt Sustainability,” the event aimed to rethink global financial structures and design innovative financing strategies that support sustainable development across the continent.
