AAAGCONF25: Prez. Mahama urges Africa to draw lessons from Ghana’s debt crisis

President John Dramani Mahama has urged African governments to take a hard look at Ghana’s recent economic crisis and use it as a guiding lesson in managing public finances on the continent.

Speaking on day one of the 3rd African Association of Accountants-General Conference in Accra, Mr. Mahama said Ghana’s economic ordeal—marked by an unprecedented debt burden and a collapse in creditworthiness—offered valuable insights for countries seeking to build resilient fiscal systems.

He noted that Ghana had become “the epicentre of Africa’s debt challenges” after international credit rating agencies downgraded the nation to the lowest level, effectively shutting it out of the global capital market.

“To this day, we remain unable to access international markets,” he said. “Our experience should not be ignored. It must serve as a cautionary guide for the rest of Africa.”

Mr. Mahama identified rapid debt accumulation, fiscal indiscipline, and weak public financial management as key factors that plunged Ghana into crisis.

But he also highlighted the country’s efforts toward recovery, describing them as a “turnaround story that deserves attention.”

“In the last ten months, we have restored credibility in our self-assessment mechanisms, strengthened public financial controls, brought inflation under greater discipline, and introduced strict limits on how fast debt can accumulate,” he told delegates.

He urged Accountants-General across the continent to champion transparent, disciplined, and innovative financial management practices, stressing that Africa’s economic future depends on responsible stewardship of public resources.

The conference brought together financial leaders, policymakers, and experts from across Africa to discuss reforms aimed at improving public sector financial governance.

Speaking on behalf of the Minister of Finance, Dr. Ato Forson; Deputy Minister of Finance, Thomas Nyarko Ampem, noted that Ghana’s public finances have witnessed a remarkable turnaround owing to robust fiscal reforms and strengthened economic governance under President John Dramani Mahama.

The Deputy Minister highlighted key reforms—including the strengthening of fiscal institutions, the introduction of numerical thresholds on debt levels, and amendments that align procurement processes with budget provisions to curb the accumulation of arrears.

“These interventions have produced clear, measurable gains,” he said.

“Macroeconomic stability has been firmly retained, and the significant improvements in our credit ratings reflect the disciplined and integrity-driven fiscal agenda championed by His Excellency President John Mahama.”

According to him, the President’s leadership has been defined by an unwavering commitment to accountability and ethical governance.

He disclosed that President Mahama recently issued a stern caution to all appointees—one that has “sent shivers down the spine” of his entire team.

“He told us plainly: ‘Woe betide anyone who brings scandal to my cabinet.’ This statement alone has kept every appointee alert,” Mr. Nyarko Ampem noted.

“None of us wants to be the first to bring scandal to President Mahama’s administration.”

He stressed that public office holders must be constantly reminded of their duties and the standards expected of them.

“We are grateful to President John Mahama for providing this exemplary leadership,” he said.

“It has been ten months without a single scandal. We are hopeful that we will complete the first year, second year, third year—and indeed, the entire administration—without any scandal.”

The Deputy Minister also underscored the centrality of innovation in modern governance. “Innovation is no longer just a catalyst,” he said.

“It has become the ultimate goal of governance.”

King Tackie Teiko Tsuru II, Ga Mantse, his entourage likewise Accountants General and Financial Governance Experts from across the continent all gathered at the conference to focus on strengthening fiscal responsibility and advancing best practices in public financial management in Africa.

Story by: Joshua Kwabena Smith