President John Dramani Mahama has reaffirmed the critical need for African states to embrace reforms that directly benefit growth while also ensuring citizens’ safety and well-being.
In his opening remarks at the Africa Trade Summit 2026 in Accra on Wednesday, the President stated that political freedom is incomplete without economic reform.
“Africa stands at a historic turning point. Our generation’s defining task is economic independence”, he said.
President Mahama, an advocate for good government and youth development, stated that too many African countries are stuck in low or primary productivity with few possibilities, forcing millions of young Africans to look elsewhere.
“Industrialization is capital-intensive. Yet access to long-term affordable finance remains constrained, especially for small and medium-sized enterprises that employ the majority of Africa’s industrial workforce.”
Pension funds, insurance companies, and sovereign wealth funds, which oversee hundreds of billions of dollars, could be redirected into other profitable endeavours with the appropriate tools, such as industrial bonds, infrastructure funds, and diaspora financing, according to Mahama, who cited possible sources of funding.
“We can no longer accept an economic model that consigns Africa to exporting raw materials and importing finished goods. That model is a neo-colonial arrangement that is designed to trap Africa in perpetual poverty”, President Mahama emphasised.
“We must act urgently if we are to change this narrative. The central question before us is simple. How do we finance Africa’s industrialisation at the required scale and speed?” he continued.
He called for policy support for development finance institutions, such as AfriExim and the African Development Bank, so that they can raise private funds to promote regional industrial initiatives.
The African Trade Chamber organised the Africa Trade Summit 2026, which brought together decision-makers guiding Africa’s economic development under the framework of the African Continental Free Trade Area (AfCFTA) and the African Union’s Agenda 2063.
Source: newsthemegh.com