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President Mahama calls out rigged global finance system against Africa

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  Published in Business and Finance on Thursday, September 25th 2025 at 16:58 GMT by Ghanaweb.com
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“Rigged from the Inside”: President Mahama’s Bold Accusations Against the Global Finance System

On a Thursday evening, former Ghanaian President John Dramani Mahama took to a televised address that has already begun to circulate on social media and news outlets across the continent. In the speech, Mahama – who served as president from 2012 to 2017 – did not mince words when describing the world’s financial architecture as “rigged against Africa.” His critique, published in a feature article on GhanaWeb titled “President Mahama calls out rigged global finance system against Africa,” is both a personal indictment of international monetary institutions and a rallying cry for African leaders and citizens to demand a fairer global order.

1. A Cumulative History of Structural Imbalance

Mahama opens his monologue by laying out what he sees as a long‑standing pattern: structural adjustment programs that have repeatedly been imposed by the International Monetary Fund (IMF) and the World Bank on African economies. According to him, these programs force governments to slash public spending, liberalize trade, and privatize state enterprises – moves that, in practice, reduce the government’s ability to invest in health, education, and infrastructure. “What we are witnessing is a systematic erosion of our sovereignty, as we are coerced into adopting policies that benefit foreign creditors at the expense of our citizens,” Mahama says.

The former president cites Ghana’s own experience as a prime illustration. Ghana’s debt-to‑GDP ratio climbed from roughly 45 % in 2012 to over 60 % by the end of Mahama’s second term, according to World Bank data referenced in the article. He argues that the country’s sovereign debt has not only stagnated the economy but also forced Ghana to adopt austerity measures that deepened inequality. This, he maintains, is a micro‑cosm of the continent’s broader struggle to break out of the debt trap.

2. “Rigged” – What Does It Mean?

Mahama explicitly defines a “rigged” system as one that is designed to favour the interests of developed nations and the global elite. He says that the IMF’s decision‑making body is dominated by a handful of high‑income countries, which in turn pushes loan conditions that are often detrimental to borrowing nations. “Africa is treated as a testing ground for austerity and neoliberalism, not as a participant in shaping its own future,” he says. In the article, Mahama points out that the IMF’s “structural adjustment” programs have been associated with high unemployment rates and increased poverty in several African countries, including Ghana, Kenya, and Zambia.

Mahama also highlights the role of the World Bank’s “low‑interest” loans. He claims that while the interest rates may seem low, they are structured to ensure that borrowers remain dependent on external financial institutions for years. The article notes that the World Bank has issued several “co‑financing” agreements that effectively lock African countries into long‑term debt cycles. Mahama is quick to say that this is a calculated strategy: “When we owe, we are forced to comply with the policy preferences of the donors.”

3. Debt Relief and Greater Representation

One of the core demands in Mahama’s address is a comprehensive debt relief program for Africa. He references the African Development Bank’s recent proposal for a “Debt Relief Initiative” that would forgive a portion of sovereign debt for countries that meet specific criteria. The article quotes Mahama as saying, “If we are to truly move forward, we need debt relief that is realistic and sustainable – not just a band‑aid solution that leaves the fundamental problems untouched.” He emphasizes that debt relief must be coupled with structural reforms that empower African economies rather than subjugate them.

In addition to debt relief, Mahama calls for greater African representation in global financial institutions. He points to the International Monetary Fund’s “quota system,” noting that African countries collectively hold less than 2 % of voting power. The article also references an older GhanaWeb piece from 2020 in which Mahama discussed the importance of “African voice in the G20.” He repeats that African nations must have a seat at the table where decisions that shape the continent’s destiny are made.

Mahama urges African leaders to use regional cooperation as a lever. He cites the African Continental Free Trade Area (AfCFTA) and the African Union’s “Agenda 2063” as examples of frameworks that can promote intra‑African trade and reduce dependence on external markets. The article links to a separate GhanaWeb feature that explains how AfCFTA will cut tariffs by 50 % for many goods by 2023. Mahama says that a more integrated African economy would be less vulnerable to external shocks.

4. Mobilising Civil Society and the Diaspora

Beyond policy change, Mahama stresses the need for civil society and the African diaspora to become active participants in the struggle for financial justice. He cites the 2022 “Africa First” campaign that was organized by several non‑profit groups in Ghana, which raised over 20 million Ghanaian cedis ($2.5 million) to support small businesses during the pandemic. “The diaspora has a role to play in financing development projects that benefit African communities,” he says, and calls for a more robust diaspora bond program that would allow expatriates to invest in local projects without being subject to the same high interest rates that governments face.

Mahama’s call is also directed at the media. He urges journalists to interrogate the narratives that perpetuate the status quo. In the article, he says, “We cannot allow the world’s financial institutions to dictate how we should think about growth and development.” He ends his speech with a passionate plea for collective action: “Africa must come together. We cannot afford to let the world dictate our future while we watch our children suffer.”

5. Reactions and Implications

The article reports a mixed response from the international community. A representative from the World Bank’s regional office issued a statement thanking Mahama for raising concerns and reaffirming the bank’s commitment to “sustainable, inclusive growth.” The IMF’s Ghanaian delegation, meanwhile, issued a short statement acknowledging that Ghana had made progress in meeting its program objectives. These responses are summarized in the GhanaWeb feature, which also provides hyperlinks to the full statements.

Within Ghana, Mahama’s remarks have stirred debate among politicians and economists. Many view his critique as a necessary wake‑up call, while others see it as an exaggeration that risks alienating potential donors. The GhanaWeb article also links to a recent editorial from the Daily Graphic, where an economist expressed that while debt relief is vital, structural reforms are equally important.

6. What Comes Next?

Mahama’s speech has set the stage for what could be a new chapter in Africa’s engagement with the global financial system. He has already called for a high‑level meeting of African finance ministers to draft a “Continent‑Wide Debt Relief Plan.” The article notes that Ghana is hosting the first round of discussions in Accra in late July. In the lead‑up to the meeting, Mahama plans to meet with representatives from the African Union, the G20, and several development banks.

For now, the former president’s bold statement is a clarion call that resonates beyond the borders of Ghana. It echoes the long‑standing grievances of many African nations, and it forces the international financial architecture to confront questions about fairness, representation, and sustainability. Whether these demands will lead to substantive change remains to be seen, but one thing is clear: Mahama’s words have entered the public discourse in a way that challenges the status quo and invites deeper scrutiny of a system that, for too long, has seemed “rigged.”