By Celestine Avi and Seth Eyiah
President John Dramani Mahama has called for a fundamental overhaul of global governance structures, arguing that the institutions shaping the world economy were designed for a different era and no longer reflect present-day realities, particularly Africa’s rising demographic and economic importance.
Addressing participants at the 12th Africa Debates held at London’s Guildhall, President Mahama said the current global system was “built in the aftermath of a different era” and must be urgently reformed to ensure fairness, inclusivity, and balance in international decision-making.
He observed that African countries continue to face disproportionately high borrowing costs despite being home to some of the world’s fastest-growing economies and vast natural resource endowments.
According to him, key pillars of the global economy remain skewed against the continent. He cited the concentration of technology and innovation ecosystems in advanced economies, persistent trade barriers that disadvantage African producers, and the failure of developed nations to fully honour climate finance commitments.
“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 stressed.
On debt sustainability, President Mahama called for faster, fairer, and more inclusive debt restructuring mechanisms, warning that existing processes are too slow and misaligned with the development needs of African nations.
Turning to international partnerships, he urged the United Kingdom to redefine its engagement with Africa, noting that there is a strong strategic and economic case for deeper collaboration.
He said a reimagined UK–Africa partnership could unlock opportunities in trade diversification, investment expansion, energy transition, financial services, and innovation exchange.
“This relationship must evolve from one that is primarily shaped by aid to one anchored in enterprise, innovation, and investment,” he said.
President Mahama further told global investors that Africa should not be viewed as a risk but as a significant opportunity, highlighting the continent’s youthful population, expanding digital connectivity, entrepreneurial energy, and growing resource base.
He argued that the next phase of global growth would not be driven solely by advanced economies, but increasingly by emerging regions such as Africa, which he described as the world’s most consequential growth frontier.
He commended organisations such as Invest Africa, which hosted the event, for their role in strengthening links between African governments and global capital, and in supporting a gradual shift from aid-dependent models to investment-driven partnerships.
