President John Dramani Mahama has urged African leaders to pursue sweeping reforms in the continent’s financial system, warning that industrial development will continue to lag unless businesses gain access to affordable, long-term funding.
Speaking at the opening of the Africa Trade Summit 2026 held in Accra on Wednesday, January 28, the President said Africa’s push for industrialisation is being held back by weak financial markets and persistently high interest rates. He explained that while industrial growth requires heavy capital investment, most African enterprises are unable to secure financing on favourable terms.
President Mahama noted that Small and Medium-sized Enterprises (SMEs), which employ a significant portion of Africa’s workforce, are bearing the brunt of these challenges. According to him, the pressing issue confronting policymakers is how to finance economic expansion at the required pace and scale.
He stressed the need for African countries to better harness their own resources, calling for stronger measures to curb illicit financial flows and improve domestic revenue mobilisation.
The President also highlighted the vast pools of capital already available within the continent, particularly in pension funds, insurance schemes and sovereign wealth funds. He urged governments to develop suitable financial instruments that would allow these funds to be invested directly into productive industrial ventures.
To encourage private sector involvement, President Mahama outlined a three-point approach aimed at reducing risk, improving access to long-term capital and creating a more supportive investment climate for industrial growth across Africa.
