President John Dramani Mahama has called on the global financial system to give Africa fair access to capital, stressing that the continent cannot close its vast financing gaps through charity alone.
According to him, in his role as the African Union’s Champion on Financial Institutions, he will be frank: the current global financial system remains unfair to low- and middle-income countries.
At the opening of the 8th Africa–Singapore Business Forum in Singapore on Tuesday, August 26, he argued that Africa requires fairness, not charity, in the structure of global finance.
“As the African Union Champion on Financial Institutions, I must be candid: the current global financial architecture remains inequitable for low- and middle-income countries,” he declared.
“Africa faces an annual financing gap estimated at $1.3 trillion. Infrastructure needs alone run between $181 and $221 billion per year through 2030, and the climate finance gap is about $213 billion annually.”
He insisted that only strong financial institutions can provide lasting solutions for Africa.
“We are taking steps to build an African financial system that works for Africa; accelerate the African Monetary Institute as a precursor to the African Central Bank, and link ten major stock exchanges through the African Exchanges Linkage Project to enhance liquidity.
“We are also scaling the Pan-African Payment and Settlement System to enable businesses to settle cross-border trade in local currencies.”
He noted that while the opportunity in Africa is clear, it must be supported by the right kind of financing.
“Africa holds vast renewable energy potential and is already a global leader in mobile money and fintech adoption. This is a market ready for scaled solutions. Yet this opportunity must be matched with capital at the right price and with the right instruments.”
President Mahama called for partnerships that unlock jobs, technology, and shared prosperity.
“In a world of tightened financial conditions, fragile supply chains and rising protectionism, South–South collaboration is not optional; it is essential. Africa and Singapore must be champions of open markets, trusted rules and practical partnerships that deliver jobs, technology transfer and shared prosperity.”
