Mahama urges Africa to reduce aid dependence at FT Africa Summit in London

President John Dramani Mahama has called on African countries to reduce their dependence on foreign aid, strengthen domestic financing and accelerate industrialisation to create jobs and build resilient economies.

Speaking at the Financial Times Africa Summit in the United Kingdom, President Mahama said declining Official Development Assistance (ODA) and changes in the global order presented an opportunity for African countries to take greater control of their development priorities.

He said the Accra Reset initiative was designed to help countries in the Global South build local capacity, improve financing for critical sectors and reduce dependence on external support.

“The response to dwindling aid is not to learn how to improve your begging skills,” he said, stressing the need for sustainable financing systems and greater national ownership of development programmes.

President Mahama disclosed that Ghana lost approximately $154 million annually following the withdrawal of USAID support, including about $74 million previously allocated to healthcare interventions such as HIV testing, antiretroviral treatment and the President’s Emergency Plan for AIDS Relief (PEPFAR).

He explained that the Accra Reset, initially conceived as a health-focused initiative, had expanded into a broader framework for responding to changes in the international order.

According to him, the initiative had attracted interest from countries such as Germany and the United Kingdom, as well as international health institutions, including the World Health Organization, Gavi and the Global Fund.

Under the framework, African countries would establish clear development priorities, determine their domestic contributions and ensure that external partners aligned their support with nationally agreed objectives.

“You cannot own the outcome when you are not part of the decision-making,” he said.

President Mahama also called for reforms to the global financial system, arguing that African countries faced disproportionately high borrowing costs despite contributing relatively little to global greenhouse gas emissions.

He cited estimates of about $80 billion in annual interest and debt repayments and another $90 billion in illicit financial flows, transfer pricing and related practices.

He said stronger domestic institutions, improved financial management and fairer access to development financing were essential to building resilient African economies.

President Mahama maintained that a stronger Global South would benefit the international community by creating opportunities for shared prosperity and cooperation.