John Dramani Mahama questions the global financial system

Ghanaian President John Dramani Mahama is questioning a global financial system in which Africa continues to lose billions of dollars despite receiving foreign aid.🇬🇭

In his words, “Africa gives the world $240 billion every year, the world gives Africa $30 billion back. And they call it foreign aid.”

Speaking at the Council on Foreign Relations in New York, Mahama pointed to illicit financial flows, debt servicing and high borrowing costs as major reasons so much wealth leaves the continent. 

He argued that Africa needs a fairer financial system that allows its countries to borrow at better rates, retain more of their wealth and invest more in their own development. 

Source: Africanfolder