Mahama raises concerns over debt costs facing African countries

President John Dramani Mahama has criticised the high cost of borrowing faced by African countries, arguing that expensive financing contributes to a cycle of debt and underdevelopment.

Speaking on the sidelines of the 81st United Nations General Assembly, Mahama said Africa also loses substantial resources through debt servicing, risk premiums and illicit financial flows.

He called for reforms to the international financial architecture and greater African representation in multilateral institutions.