Political freedom without economic transformation is incomplete – President Mahama

President John Dramani Mahama has reiterated the urgent need for African governments to embrace reforms that directly impact development and guarantee the safety and well-being of citizens.

The President, in his remarks to open the Africa Trade Summit 2026 in Accra on Wednesday, said political freedom without economic transformation is incomplete.

"Africa stands at a historic turning point. Our generation's defining task is economic independence", he stated.

President Mahama, an advocate for good governance and youth empowerment, said that too many African economies are locked in low or primary productivity with limited opportunities, compelling millions of young Africans to seek opportunities elsewhere.

"Industrialization is capital-intensive. Yet access to long-term affordable finance remains constrained, especially for small and medium-sized enterprises that employ the majority of Africa's industrial workforce."

Citing potential sources of capital, Mahama said pension funds, insurance companies, and sovereign wealth funds, which manage hundreds of billions of dollars, could be re-channelled into other productive ventures with the right instruments, such as industrial bonds, infrastructure funds, and diaspora financing.

"We can no longer accept an economic model that consigns Africa to exporting raw materials and importing finished goods. That model is a neo-colonial arrangement that is designed to trap Africa in perpetual poverty", President Mahama emphasised.

He added, "We must act urgently if we are to change this narrative. The central question before us is simple. How do we finance Africa's industrialisation at the required scale and speed?"

He advocated policy backing for development finance institutions, including the AfriExim and the African Development Bank, to enable them to mobilise private capital to support regional industrial projects.

The Africa Trade Summit 2026, organised by the African Trade Chamber, has brought together decision-makers shaping Africa's economic transformation under the framework of the African Continental Free Trade Area (AfCFTA) and the African Union's Agenda 2063.