Ghana’s president and finance minister stated on Wednesday, June 3, that Africa’s debt is “mispriced” and that faster and fairer restructuring mechanisms are needed, adding that the country aims to achieve an investment-grade credit rating within three years.
According to Reuters, President John Dramani Mahama and Finance Minister Cassiel Ato Forson made these remarks at an investor conference in London.
The economy of the West African nation—a producer of gold, oil, and cocoa—is recovering following a debt default in 2022, which necessitated the restructuring of the government’s external and domestic debt.
“Debt restructuring mechanisms must become faster, fairer, and more inclusive,” Mahama said. Ghana restructured its debt under the G20 Common Framework, a mechanism that some consider too slow.
Mahama called for debt reform that supports development and stated that the continent also needs climate finance. He further argued that the relationship with the United Kingdom should “evolve from one primarily shaped by aid to one anchored in business innovation and investment.”
“Africa is not a risk to be managed. Africa is an opportunity to be seized,” Mahama emphasized.
For his part, Finance Minister Forson said that Ghana is expected to achieve an investment-grade rating within three years. Major international agencies currently rate the country several notches below that level, in the speculative category.
The minister also noted that there has been an increase in state-owned enterprises, which is not ideal for the economy. Although investors often prefer to invest in the state, this can increase debt, and “the government alone cannot do it.”
Ghana’s economic growth accelerated toward the end of last year. Data for the first quarter of 2026, which may reflect the impact of the war in Iran, has not yet been released.
