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Mahama Calls for Economic Transformation and Industrial Financing at 2026 Africa Trade Summit
President John Dramani Mahama has renewed calls for deep economic reforms across the continent, stressing that political freedom without economic transformation remains incomplete.
In a post on X, President Mahama said he warmly welcomed President Carlos Manuel Vila Nova of São Tomé and Príncipe to Accra for the 2026 Africa Trade Summit, which brought together African leaders and stakeholders to deliberate on trade, development and industrial growth.
According to President Mahama, the summit served as a critical platform to reiterate the urgent need for African governments to implement reforms that have a direct impact on development while guaranteeing the safety, dignity and well-being of African citizens.
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He noted that while Africa has made strides in achieving political independence and democratic governance, economic transformation has not progressed at the same pace, leaving many countries vulnerable and overly dependent on external systems.
“It is obvious that political freedom without economic transformation is incomplete,” the President stated.
President Mahama underscored industrialisation as a key pillar of sustainable development, describing it as a capital-intensive process that remains constrained by limited access to long-term, affordable financing, particularly for small and medium-sized enterprises (SMEs).
He observed that SMEs employ the majority of Africa’s industrial workforce, yet they continue to struggle to secure the patient capital needed to expand, innovate and compete.
To address this challenge, President Mahama called for a strategic shift in how Africa mobilises its own resources, urging governments to re-channel domestic long-term funds into productive sectors of the economy.
“We must begin to re-channel pension funds, insurance funds and sovereign wealth funds which manage hundreds of billions of dollars into productive ventures,” he said.
President Mahama proposed the use of innovative financial instruments such as industrial bonds, infrastructure funds and diaspora financing to unlock capital for industrial development and large-scale infrastructure across the continent.
He stressed that with the right policy frameworks and instruments, Africa can finance its own transformation, reduce dependence on external borrowing and create sustainable jobs for its growing population.
The 2026 Africa Trade Summit in Accra, President Mahama noted, reaffirmed the collective responsibility of African leaders to pursue bold reforms, deepen regional cooperation and place economic transformation at the centre of the continent’s development agenda.
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