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Mahama shares Ghana’s debt restructuring lessons at AU conference
President John Dramani Mahama addressed fellow African leaders at the African Union Conference on Debt in Lomé, Togo, on Monday, sharing insights from Ghana’s experience with debt restructuring.
He emphasised the importance of transparency and timely engagement with creditors to avoid severe economic consequences from reactive debt management decisions.
The president highlighted the significant infrastructure gap facing Africa, which requires an estimated $130-170 billion in annual investment. He noted that the lack of access to affordable, long-term financing options often leaves nations with unsustainable debt burdens.
Citing IMF data, the President expressed concern that 22 African countries are currently in or at high risk of debt distress. He pointed out that the average public debt-to-GDP ratio in sub-Saharan Africa is projected to exceed 60% in 2025, a significant increase from 40% a decade ago.
Drawing from Ghana’s history, President Mahama referenced the Heavily Indebted Poor Countries (HIPC) initiative and the Multilateral Debt Relief Initiative (MDRI), which enabled Ghana to reduce its debt-to-GDP ratio from over 100% to under 30%. This, he explained, freed up crucial fiscal space for investments in key sectors like education, roads, and healthcare.
“Ghana, like many of our peers, has had to undergo painful restructuring to restore macroeconomic stability and rebuild investor confidence,” President Mahama stated.
He highlighted Ghana’s strategic use of concessional and non-concessional financing between the early 2000s and 2015 to accelerate infrastructure development and social inclusion.
The President detailed how, after initial progress, Ghana’s debt situation deteriorated due to a combination of unrestrained borrowing and multiple external shocks, leading to a debt-to-GDP ratio increase from 56.3% in 2016 to a peak of 90.7% in 2022.
He noted that by 2023, interest payments alone consumed 47% of total government revenue, a level deemed fiscally unsustainable by the World Bank.
Miniser for Government Communications, Felix Kwakye Ofosu has revealed a major shake up at Ghana Grid Company Limited (GRIDCo) and the Electricity Company of Ghana (ECG) following recent power outages.
In a post on Facebook, Felix Kwakye Ofosu disclosed that Minister for Energy and Green Transition, John Jinapor has asked the CEO of GRIDCo to step aside pending investigations into fire incident at Akosombo power control center.
Also, he further noted that there has been a major shake up in the leadership of the ECG in the Ashanti Region.
“At 2pm tomorrow, Minister for Energy and Green Transition, Hon John Jinapor, will hold a major briefing on recent developments in electricity distribution,” he concluded.
By Edem Mensah-Tsotorme
News
Abu Trica’s extradition case: Prophets, fetish priests demand pay for spiritual solution …Lawyer reveals
Mr Oliver Barker-Vormawor, a lawyer for embattled Frederick Kumi, affectionately called Abu Trica and has made a shocking revelation over the behaviour of some members of the clergy.
According to him in a post on social media, the difficult part of Abu Trica’s trial is not the law but the number of ‘Men of God’ and fetish priests demanding financial sacrifices to help resolve the matter spiritually.
Oliver Barker-Vormawor posted on Tuesday, April 22, 2026, “The most difficult part about the Abu Trica case; is not the law.”
He continued: “It is the number of, prophetesses, evangelists and fetish priests, who have called or messaged to ask us to pay for spiritual solutions.”
It would be recalled that in March this year, the Gbese District Court dismissed a preliminary objection filed by Abu Trica, challenging the extradition proceedings initiated at the request of the United States.
The court, presided over by Anna Akosua Appiah Gottfried Anaafi Gyasi, in its ruling held that the offences forming the basis of the extradition, particularly wire fraud, constitute extraditable offences under the 1931 treaty between Ghana and the United States.
He was then given 15 days counting from March 27 to appeal the decision of the court or be surrendered for extradition to the US.
Against this backdrop, he was on Tuesday, April 22, granted a bail in the sum of GH¢30,000,000 by an Accra High, pending the appeal of his extradition
Mr Kumi was arrested in Ghana in December 2025 following an indictment by United States authorities, alleging that he played a role in a romance scam network that defrauded elderly American victims of more than $8 million.
By Edem Mensah-Tsotorme
