Africa-Press. The President of Ghana and the Minister of Finance stated that Africa’s debts are “mispriced” and that there is a need for faster and fairer restructuring tools, adding that their country aims to achieve an investment-grade credit rating within three years.
President John Dramani Mahama and Finance Minister Kassel Ato Forson made these remarks at an investor conference in London. Ghana’s economy, located in West Africa and a producer of gold, oil, and cocoa, is recovering after struggling to meet its debt obligations in 2022, which necessitated the restructuring of its external and domestic debts.
Mahama said, “Debt restructuring mechanisms must become faster, fairer, and more inclusive.” Ghana restructured its debt under the G20 Common Framework for Debt Restructuring, which some have described as too slow.
Mahama called for debt reform that supports development and emphasized that the African continent also needs climate financing. He also urged for the development of the relationship with the UK from one based on aid to one focused on innovation and investment in projects. Mahama stated, “Africa is not a risk to be managed, but an opportunity to be seized.”
Finance Minister Forson indicated that Ghana must achieve an investment rating within three years. Currently, major international agencies classify it several grades lower in the “non-investment” or “junk” category.
He added that there is a surge in state-owned enterprises, which is not ideal for the economy. While investors often prefer to invest their money with the state, he noted that this signals rising debt, and that “the government alone cannot do this.”
Ghana’s economic growth has notably accelerated since late last year. Data for the first quarter of 2026 has not yet been released, which may reflect the impact of the war on Iran.
