President John Dramani Mahama has called on African governments to embrace sweeping economic reforms that deliver tangible development outcomes and safeguard the welfare of citizens, warning that political independence alone is insufficient without economic transformation.
Speaking at the 2026 Africa Trade Summit in Accra which coincided with an official visit by São Tomé and Príncipe’s President Carlos Manuel Vila Nova, Mr. Mahama said the continent must move beyond rhetoric to practical strategies that generate jobs and secure sustainable livelihoods.
“The summit offered an opportunity to emphasise the pressing need for African governments to adopt reforms that directly drive development and guarantee the safety and well-being of our people,” he said in a Facebook post on Thursday.
Mr. Mahama argued that Africa’s democratic credentials ring hollow without deliberate policies to transform economies. He stressed that industrialisation, though essential for advancement, remains constrained by limited access to long-term and affordable financing, particularly for small and medium-sized enterprises that employ much of the continent’s industrial workforce.
“Industrialisation is capital-intensive, yet access to long-term, affordable finance remains limited, especially for small and medium-sized enterprises,” he noted.
To bridge that gap, Mr. Mahama urged governments to rethink domestic resource mobilisation, channeling funds from pension schemes, insurance companies and sovereign wealth funds into productive sectors.
“We must begin to re-direct pension funds, insurance assets and sovereign wealth funds worth hundreds of billions of dollars into productive ventures through the right instruments, such as industrial bonds, infrastructure funds and diaspora financing,” he added.
He expressed confidence that innovative financing mechanisms, combined with stronger cooperation and bold reforms, could unlock critical capital for industrial expansion, deepen intra-African trade and accelerate economic transformation.
Meanwhile, Ghanaian businessman and statesman, Sir Sam Jonah delivered a stark warning at the summit, urging Africa to abandon economic deference and pursue its own interests in a rapidly collapsing global order.
“The era of a predictable, rules-based global system is effectively over,” he said, cautioning that economic power is increasingly weaponised through tariffs, supply chains and trade restrictions, often leaving Africa exposed despite contributing least to global instability.
“This is the moment for Africa to be selfish, unapologetically, boldly selfish, in pursuing our interests,” Sir Sam declared.
He argued that such “selfishness” must translate into job creation, industrial growth and wealth retention within Africa, rather than continued reliance on raw material exports.
