Addressing world leaders at the 81st Session of the United Nations General Assembly (UNGA) in New York on Thursday, September 24, 2026, the President declared: “Africa does not seek charity. Africa seeks equal partnership anchored in mutual respect.”

He called for reforms to the international financial system, arguing that developing countries continue to face disproportionately high borrowing costs, which limit their ability to invest in economic development, infrastructure and social services.

According to President Mahama, developing nations borrow at interest rates that can be up to eight times higher than those paid by industrialised countries. He said the situation places an unfair burden on African and Caribbean nations, particularly those dealing with climate-related disasters and mounting debt.

The President called for long-term, affordable and accessible concessional financing to enable developing economies to invest in human capital, industrialisation and climate adaptation without accumulating unsustainable debt.

He also urged the international community to address structural inequalities in global trade, resource extraction and credit-rating systems, which he said continue to constrain Africa’s economic development.

Highlighting the continent’s potential, President Mahama pointed to Africa’s youthful population, vast agricultural resources and critical minerals needed for the global transition to clean energy.

He stressed that Africa must move beyond exporting raw materials and instead process its natural resources locally, establish industries and create jobs for its growing youth population.

“Africa will not remain a passive arena for a new scramble for resources,” he said, adding that the continent must retain more value from its natural resources.

The President further highlighted the African Continental Free Trade Area (AfCFTA), whose secretariat is hosted in Accra, as a key instrument for expanding intra-African trade, industrial growth and economic transformation.

His address underscored Ghana’s call for a more equitable international economic system in which African countries participate as equal partners in global development, rather than remaining dependent on external assistance.

Photo courtesy: H.E. John Dramani Mahama