President of Ghana, H.E. John Dramani Mahama, has emphasized that the ongoing global trade tensions present a unique opportunity for African nations to deepen intra-continental trade.
Speaking at the 60th Annual Meeting of the African Development Bank (AfDB) in Abidjan, President Mahama highlighted the urgent need for investment in infrastructure to capitalize on the shifting dynamics of global trade.
“The shift in world trade as a result of the trade wars opens another window for Africa to increase trade among ourselves,” Mahama stated. “But this potential can only be realized if the necessary infrastructure is in place.”
Citing Ghana and Côte d’Ivoire’s efforts in cocoa processing as a model of value addition, Mahama noted that Côte d’Ivoire currently processes 50% of its cocoa, while Ghana processes about 40%.
He revealed Ghana’s ambition to increase its cocoa processing capacity to 50% within the next five years, signaling a firm commitment to industrialization and local value addition.
On the subject of debt sustainability, Mahama acknowledged the tough but necessary decisions made through Ghana’s Domestic Debt Exchange Programme (DDEP).
“We’ve engaged in a painful but essential DDEP, which has helped reduce our debt-to-GDP ratio to about 70%, with a target of 55%,” he explained.
He further advocated for smart borrowing practices across Africa, stressing the importance of establishing escrow accounts for debt refinancing and prioritizing self-financing projects that can generate returns and ease the debt burden.
Mahama also highlighted positive macroeconomic indicators, noting the Ghanaian cedi’s appreciation against the U.S. dollar over the past five months.
“This currency appreciation has helped reduce our total debt stock by GHS150 billion,” he said. “If this trend continues, Ghana could achieve the 55% debt-to-GDP target by the end of 2025 instead of the previously projected 2028.”
In a personal reflection, Mahama praised outgoing AfDB President Dr. Akinwumi Adesina, recalling his early admiration for Adesina’s work as Nigeria’s Minister of Agriculture under President Goodluck Jonathan. “I took a special interest in him then, and he has gone on to transform the agricultural sector across Africa through his leadership at the AfDB,” Mahama remarked.
The AfDB meeting continues under the theme “Making Africa’s Capital Work Better for Africa’s Development,” with discussions centered on economic resilience, financial innovation, and leadership transitions.
