President John Dramani Mahama has urged African leaders to ensure that borrowed funds are invested in life-changing initiatives that benefit their citizens.
He said this can be done through transparency, accountability, and the adoption of open budget systems across the continent.
Speaking at the first African Union Debt Conference in Lomé, Togo, President Mahama referenced data from the International Monetary Fund (IMF), which shows that less than 40 percent of African countries publish detailed debt reports.
“Debt should serve the people. This means strengthening parliamentary oversight, enhancing public debt audits, and promoting open budget systems,” he said. “According to the IMF, less than 40% of African countries publish detailed debt reports. This must change.”
He stressed the need for a shift from managing debt crises to using debt as a tool for development, anchored on a new public debt management agenda.
“If we are to shift from managing debt crises to unlocking debt as a tool for development, then Africa must adopt a new public debt management agenda rooted in foundational pillars. The first is transparency and accountability,” he said.
President Mahama also highlighted Ghana’s efforts under his leadership to invest in key sectors such as value-added agriculture, renewable energy, infrastructure, health, and education.
“The second is productive, efficient, and responsible borrowing. Borrowing must be tied to high-impact projects that deliver tangible returns to our people,” he added.
The three-day conference, held under the theme “Africa’s Public Debt Management Agenda: Restoring and Safeguarding Debt Sustainability”, brought together AU Member States, policymakers, financial experts, and key stakeholders.
Participants also include officials from Ministries of Finance, African central banks, regional economic communities, multilateral financial institutions, and civil society organisations to discuss innovative practices in debt management.
C/R: Police arrest 8 suspects at Ayanfuri over galamsey, illicit drugs
‘Nkoko Nkitinkiti’ initiative takes off
Ketu South: Man allegedly sets brother's house ablaze at Kugbagbokope
Current NPP executives must go – Arthur Kennedy
Renal patients appeals to gov't to absorb EPO, iron costs
Sand mining in Adidome disrupts water treatment — GWL
Suspect arrested for burglary, theft in Kasoa Nyayano
Customs cautions against bringing vehicles without manifest to Ghana
Two dead, three injured after building collapses in Cape Coast
Galamsey: ‘Mahama is not a listening President as some mistake him to be’ — Dr. ...
