LONDON, June 3 (Reuters) – Ghana’s president and finance minister said on Wednesday that African debt was “mispriced” and there needed to be faster and fairer restructuring tools, adding that their country was targeting an investment-grade credit rating within three years.
President John Dramani Mahama and Finance Minister Cassiel Ato Forson made the comments at an investor conference in London.
The West African gold, oil, and cocoa-producing country’s economy is on the mend after a 2022 debt default that required restructuring of the government’s external and domestic debt.
Below are comments by Mahama and Forson from the conference:
- “Debt restructuring mechanisms must become faster, fairer and more inclusive,” Mahama said. Ghana restructured its debt under the G20’s Common Framework debt-restructuring mechanism, which some have said is too slow.
- Mahama called for debt reform that supports development and said the continent needs climate finance as well.
- He called for the relationship with Britain to “evolve from one that is primarily shaped by aid, to one that is anchored in enterprise innovation and investment.”
- “Africa is not a risk to be managed. Africa is an opportunity to be seized,” Mahama said.
- Finance Minister Forson said Ghana should be in investment-grade territory within three years. The major international agencies currently have its sovereign rating several notches lower, in sub-investment or “junk” status.
- He added that there had been a surge in state-owned enterprises that was not ideal for the economy. While investors often want to place money with the sovereign, he said that risked ballooning debt and that “government alone cannot do it”.
- Ghana’s economic growth picked up pace late last year. Growth data for the first quarter of 2026, which could reflect the impact of the Iran war, is not out yet.
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