Mahama calls for bold overhaul of Africa’s financial architecture

President John Dramani Mahama has called for a sweeping and coordinated reform of Africa’s financial architecture. He cautioned that the continent’s drive towards industrialisation will remain constrained unless governments secure access to affordable, long-term capital.

Delivering the opening address at the Africa Trade Summit 2026 in Accra on Wednesday, January 28, President Mahama said Africa’s industrial ambitions are being undermined by weak financial systems that are unable to support large-scale production and value addition. He noted that although industrialisation is capital-intensive by nature, African businesses continue to struggle with shallow financial markets and high interest rates that stifle growth.

According to the President, the financing gap has hit Small and Medium-sized Enterprises (SMEs) particularly hard, despite their central role in job creation and industrial output across the continent. He described the challenge facing African leaders as one of scale and urgency, stressing that growth cannot be achieved without deliberate efforts to mobilise capital at the required speed.

“Africa must mobilise its domestic resources more effectively,” President Mahama said, pointing to illicit financial flows and weak revenue mobilisation systems as major obstacles to sustainable development. He urged governments to intensify efforts to plug revenue leakages and improve public financial management to support long-term investment.

President Mahama also drew attention to the vast pools of capital already available within Africa, especially funds held by pension schemes, insurance firms and sovereign wealth funds. He argued that with the right policy and financial instruments, these resources—running into hundreds of billions of dollars—could be redirected into productive industrial ventures rather than remaining idle or invested abroad.

He emphasised that attracting private sector participation would require credible risk-sharing mechanisms, consistent and predictable policy environments, and stronger domestic financing frameworks capable of supporting infrastructure and energy development. Without these fundamentals, he warned, private capital would continue to bypass African industries.

The President’s remarks aligned with the broader theme of economic sovereignty that dominated discussions at the summit, reinforcing earlier calls by business leaders for Africa to pursue its development agenda with confidence and self-interest. President Mahama concluded by urging development partners to shift away from traditional aid models and instead provide technical support and de-risking tools that enable African industries to compete effectively on the global stage.