President Mahama has called for long-term, affordable, and accessible concessionary financing to invest in human capital, industrialisation, and climate adaptation in Africa.
Delivering his address at the 81st UN General Assembly, President Mahama explained that the current international system perpetuates inequality, and that reform is needed.
“The same systemic inequalities permeate the international financial architecture. Developing nations borrow at interest rates that are up to eight times higher than industrialised nations. African and Caribbean nations, struck by climate disasters, are forced to take on crippling debts to rebuild from floods and droughts that they did not cause. Governments are forced into a tragic choice: to service predatory debts or to serve their people. We demand reform. We need long-term, affordable, and accessible concessionary financing that enables developing economies to invest in human capital, industrialisation, and climate adaptation,” the President stated.
President Mahama then cautioned that Africa will not remain a passive arena for a new scramble for resources, explaining that the continent intends to process raw materials domestically, industrialise, and create jobs for its young people.
“Our continent possesses the world’s youngest population, vast arable land, unparalleled cultural vitality, and the critical minerals required to drive the global green energy transition. But Africa will not remain a passive arena for a new scramble for resources. Critical mineral extraction in Africa must not replicate colonial-era exploitation. We will process our minerals at home. We will build local industries that create dignified jobs for our youth. And we will retain the value of our natural resources in Africa,” President Mahama added.
On climate change, President Mahama stated that climate justice requires developed countries to fulfil their long-standing financial obligations to less developed nations, and that mitigation support should come in the form of predictable, non-debt-creating grants rather than loans.
“Climate justice demands that developed nations must fulfil their long-overdue financial commitments. Mitigation support must be operationalised with predictable, non-debt-creating grants — not loans that further entrench debt-fragile economies,” the President added.
President Mahama then added that Ghana aims to use its African Union chairmanship to foster and champion continental integration and economic development.
“I wish to serve notice that we intend to use our AU chairmanship to champion continental integration, accelerate the implementation of the African Continental Free Trade Area, push for peace and security in all the conflict zones of Africa, and ensure that Africa speaks on the global stage with one resolute, undivided, and confident voice.”
This marks the seventh address President Mahama has delivered at the UN General Assembly, following previous appearances in 2012, 2013, 2014, 2015, 2016, and 2025.
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