African leaders have called for reforms to the global financial architecture, challenging unfair credit rating practices and advocating for stronger continental financial institutions at the African Union High-Level Conference on Debt.
President John Mahama delivered a stirring critique of current credit rating systems in his keynote address.
“Credit rating agencies must adopt methodologies that reflect the structural reforms and growth potential of African economies, not just penalize us for volatility we did not create.”
The President highlighted how restrictive ratings have compounded Africa’s debt challenges, noting that “interest payments alone consumed 47% of total government revenue” in Ghana during 2023 – a level the World Bank deemed unsustainable.
The conference emphasized the urgent need to strengthen regional financial mechanisms.
“We must build the capacity of African financial institutions such as AfDB, Afreximbank, and the proposed African Monetary Fund,” President Mahama urged, “to offer concessional finance tailored to our realities.”
Delegates particularly stressed the importance of operationalizing the Pan-African Payment and Settlement System (PAPSS) to “reduce forex burdens and strengthen regional trade.”
The Lomé meeting saw strong consensus for a coordinated African position ahead of key global forums.
“This moment must be a turning point—not only for Ghana but for Africa as a whole,” President Mahama declared, outlining four critical demands:
First, a unified African position at the 2025 G20 Summit to demand timely and transparent debt restructuring frameworks. Second, standardized debt transparency benchmarks across AU member states. Third, integration of climate adaptation into national debt strategies. Finally, full implementation of continental financial systems.
The conference marked a shift in Africa’s approach to global finance. “Let us leave here with a renewed vision,” President Mahama concluded.
“A vision where debt is no longer synonymous with crisis, but with capacity. Where we act not as debtors pleading for relief, but as partners demanding reform.”
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