MAHAMA SAYS GLOBAL FINANCIAL SYSTEM IS RIGGED AGAINST AFRICA AS BILLIONS FLOW OUT
Ghanaian President John Dramani Mahama has renewed calls for sweeping reforms to the international financial system, arguing that African countries are losing far more money through illicit financial flows, debt servicing and borrowing costs than they receive in development assistance. Speaking during a high level discussion in New York, Mahama said roughly $30 billion in official development assistance entered Africa in 2025 while more than $200 billion was leaving the continent through various financial channels. He also argued that African governments face borrowing costs many times higher than wealthier economies, describing expensive financing as one of the forces pushing vulnerable countries deeper into debt. Independent data supports the broader concern that African governments face unusually high financing costs, although Mahama's claim that borrowing is eight times more expensive should not be interpreted as a single uniform rate applying to every country or every loan.