Speaking at the prestigious Financial Times Africa Summit in London, President John Dramani Mahama urged African nations to reduce foreign aid dependency, boost domestic financing, and accelerate industrialisation to create local jobs.

He highlighted that declining Official Development Assistance (ODA) offers a pivotal moment for African countries to take charge of their own economic agenda.

The urgency of this message is underscored by Ghana's recent experience, where the withdrawal of USAID support resulted in an estimated annual loss of 154 million, including roughly 74 million previously directed toward crucial health programs like PEPFAR and HIV antiretroviral treatment.

Addressing the global audience, Mahama famously noted, “

The response to dwindling aid is not to learn how to improve your begging skills, calling for sovereign financial management and national ownership over development initiatives.

To tackle these vulnerabilities, the Accra Reset initiative was created, expanding from a health-centered strategy into a comprehensive Global South framework supported by international partners such as the UK, Germany, the World Health Organization, Gavi, and the Global Fund.

Through this framework, African governments define their own development goals and domestic funding commitments before aligning with external aid partners.

Reflecting on the importance of self-determination, Mahama stated,

You cannot own the outcome when you are not part of the decision-making.

Furthermore, Mahama criticized the systemic inequities of the global financial system, pointing out that African countries endure disproportionately high borrowing costs, paying an estimated 90 billion lost to illicit financial flows and transfer pricing practices.

He concluded that strengthening domestic financial institutions, curbing illicit capital flight, and reforming global development finance will build resilient economies and promote shared international prosperity.

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President Mahama’s message at the FT Africa Summit is clear: Africa’s future depends on self-reliance, domestic resource mobilization, and industrial growth.

The reduction in foreign aid presents a challenge, but it also creates an unprecedented opportunity to build resilient, sovereign economies that serve the Ghanaian people and the wider continent.