John Mahama proposes African-led Financing for Development

President John Dramani Mahama has advocated for African-led financing for development emphasizing the need for African nations to harness domestic resources to reduce dependence on external financing and foster sustainable growth.

Delivering the keynote address at the Heads of State and Government breakfast dialogue at the AU Commission headquarters in Addis Ababa, Ethiopia on Sunday, February 16, 2025, he highlighted Africa’s economic resilience despite various challenges.
Mahama stressed that the continent faces a significant financing gap of $402 billion annually until 2030, which represents the unrealized potential of millions of Africans whose aspirations for a better life depend on strategic investments in infrastructure, education, technology, and healthcare.

He called for a holistic strategy that prioritizes domestic resource mobilization, strengthens tax systems, and curbs illicit financial flows.
The dialogue, themed “Africa at the Forefront: Mobilizing African Investment and Financing for Implementing Agenda 2063,” was held under the auspices of the Alliance of African Multilateral Financing Institutions, also known as the African Club.

Mahama urged African nations to expedite the establishment of key AU financial institutions, such as the African Central Bank, African Investment Bank, African Monetary Fund, and Pan-African Stock Exchange, to support Africa’s economic transformation and the successful implementation of Agenda 2063
In addition, Mahama pointed out that the continent also faces climate crises, geopolitical tensions, widening gaps in multilateralism, and the threat of diseases and pandemics, all of which could hinder Africa’s progress toward sustainable development.