Ghana’s President John Dramani Mahama on Wednesday called for a major overhaul of global debt restructuring systems, urging the international community to make mechanisms faster, fairer and more inclusive for countries struggling with debt distress.
Speaking at a conference in London, Mahama said current frameworks, including the G20 Common Framework, remain too slow and complex, delaying recovery efforts for countries such as Ghana that have undergone debt restructuring.
Ghana, one of West Africa’s largest economies and a major producer of gold, oil and cocoa, is currently recovering from a 2022 sovereign debt default that forced it to restructure both domestic and external obligations under international supervision.
The restructuring process, carried out under the G20 Common Framework, involved negotiations with multiple bilateral and private creditors. While designed to provide coordinated debt relief, the mechanism has been widely criticised for lengthy delays and coordination challenges among participating lenders.
“Debt restructuring mechanisms must become faster, fairer and more inclusive,” Mahama said, warning that prolonged negotiations can undermine economic recovery and delay development spending.
More Read
He added that debt reform should be linked more directly to development needs, including expanded access to climate finance, which he said is increasingly vital for vulnerable economies facing environmental and economic shocks.
Ghana has in recent years embarked on reforms aimed at stabilising its economy, with government efforts focused on restoring debt sustainability, strengthening fiscal discipline and improving macroeconomic stability following the crisis.
The president said the country is now prioritising investment in transport infrastructure, energy reliability and skills development as part of its broader strategy to achieve sustainable economic growth.
More Read
Mahama also used his address to call for a reset in relations between Africa and the United Kingdom, arguing that the partnership should move away from aid dependency toward a model based on investment, enterprise and innovation.
“The relationship should evolve from one primarily shaped by aid to one anchored in enterprise, innovation and investment,” he said.
“Africa is not a risk to be managed. Africa is an opportunity to be seized,” he added, urging international investors to view the continent as a growth market rather than a source of financial risk.
Ghana’s economy has shown signs of recovery in recent months, with growth picking up toward the end of 2025 as macroeconomic conditions improved following fiscal adjustments and external support measures.
However, analysts caution that the recovery remains fragile, with debt servicing pressures, inflation risks and currency volatility still posing challenges despite progress under the restructuring programme.
The country’s experience has become a reference point in broader global debates over sovereign debt reform, particularly as several developing economies face rising borrowing costs and tighter global financial conditions.
Mahama’s remarks come amid growing calls from African leaders and international institutions for reforms to the global financial architecture to better support developing countries and reduce the risk of prolonged debt crises.
As Ghana continues its recovery, policymakers say sustained investment, improved fiscal management and enhanced access to affordable financing will be critical to consolidating gains and supporting long-term growth.
