President John Dramani Mahama has called on African leaders to adopt a new, transparent, and accountable public debt management system to spur sustainable development and improve the welfare of citizens across the continent.
Speaking at the inaugural African Union Debt Conference in Lomé, Togo, President Mahama emphasized that borrowing must be tied to high-impact, productive projects that yield tangible benefits for African populations.
“Debt should serve the people,” Mahama stated. “This means strengthening parliamentary oversight, enhancing public debt audits, and promoting open budget systems. According to the IMF, less than 40% of African countries publish detailed debt reports. This must change.”
He stressed that a fundamental shift is needed—one that sees debt not as a burden, but as a development tool. He urged AU member states to focus on transparency and accountability as the foundation of any new debt management framework.
Citing Ghana as an example, Mahama said the government is deliberately channeling debt into strategic sectors such as agriculture and manufacturing to create sustainable jobs and long-term growth.
“In Ghana, we are prioritizing value-added agriculture, renewable energy, road and digital infrastructure, as well as the health and education sectors,” he noted. “Borrowing must be productive, efficient, and responsible.”
Mahama also highlighted the importance of restoring investor confidence through the timely publication of debt data and adherence to fiscal discipline.
The three-day African Union Debt Conference, held under the theme “Africa’s Public Debt Management Agenda: Restoring and Safeguarding Debt Sustainability,” brought together key stakeholders including finance ministers, central bank governors, policymakers, financial experts, and representatives from civil society and multilateral financial institutions.
The conference aims to encourage knowledge-sharing, identify best practices, and shape a unified African position on reforming the global financial architecture. It also seeks to explore innovative debt financing mechanisms to support new development initiatives while maintaining long-term debt sustainability.
