President John Dramani Mahama has urged African governments to promptly implement economic reforms that will directly foster development and enhance the safety and welfare of their citizens.
He stated that political independence and democratic governance hold little significance without intentional efforts to transform Africa’s economies and establish sustainable livelihoods for the populace.
In a Facebook post dated Thursday, January 29, 2026, President Mahama emphasized the importance of bold economic reforms throughout the continent during the 2026 Africa Trade Summit held in Accra.
This summit coincided with the visit of Carlos Manuel Vila Nova, the President of São Tomé and Príncipe, whom President Mahama graciously welcomed to Ghana.
“The summit served as a platform to underscore the pressing need for African governments to adopt reforms that have a direct impact on development and ensure the safety and welfare of our citizens,” he remarked.
President Mahama highlighted that political freedom without economic transformation is insufficient, asserting that Africa must progress from mere rhetoric to actionable strategies that encourage industrial growth and job creation.
Regarding industrialisation, he acknowledged that while the process requires significant capital investment, the challenge of accessing long-term and affordable financing persists, particularly for small and medium-sized enterprises (SMEs), which constitute the majority of Africa’s industrial workforce.
“Industrialisation, as we understand, is capital-intensive. However, the availability of long-term affordable finance remains limited, especially for small and medium-sized enterprises,” he noted.
To tackle this issue, President Mahama advocated for a change in the way Africa mobilises domestic resources, urging governments to redirect funds managed by pension schemes, insurance companies, and sovereign wealth funds towards productive investments.
“We need to redirect pension funds, insurance, and sovereign wealth funds, which collectively oversee hundreds of billions of dollars, into more productive initiatives using appropriate instruments like industrial bonds, infrastructure funds, and diaspora financing,” he stated.
President Mahama remarked that these actions would facilitate the release of the necessary capital to promote industrial growth, enhance trade, and expedite economic transformation throughout the continent.
He conveyed his hope that improved collaboration among African nations, bolstered by creative financing solutions, would enable the continent to attain inclusive growth and sustainable prosperity.
