President John Mahama has unveiled major reforms that will have Ghana buying its cocoa with local currency and ending the export of unprocessed mineral ores by 2030, signaling a bold move toward greater economic independence.

At the conclusion of his high-level side event, “Accra Reset’s Addis Reckoning,” held alongside the 39th African Union Assembly of Heads of State, President Mahama outlined urgent measures aimed at freeing Ghana’s cocoa industry from long-standing reliance on restrictive foreign financing.

“One of the key decisions we’ve made is to stop accepting foreign funding for the purchase of our cocoa. We are going to raise domestic bonds. We have enough Cedis in Ghana to pay for our cocoa,” President Mahama declared, outlining a radical departure from decades-old practices.

The President explained that Ghana’s cocoa crisis highlighted long-standing problems in the system. When the government set the cocoa price while international cocoa was $7,200 per ton and the Ghana Cedi was 11.5 to the dollar, changes in the market caused big losses as prices dropped to $4,200 and the Cedi strengthened to 10.7 per dollar.

President Mahama also pointed out that relying on foreign funding has limited Ghana’s ability to add value to its cocoa.

“You know what the collateral for the funding is? Our own cocoa beans. You collateralise the beans with the financier, buy them, ship them, and they pay you the international market price,” he explained.

“You know the interesting part? We have the capacity to process 400,000 tons of those beans in Ghana, but because they are collateralised, we cannot even allocate them to local processors. We must ship all the beans outside.”

Under the new arrangement, Ghana will raise domestic bonds in Ghana Cedis to purchase cocoa directly from farmers, eliminating the need to pledge the beans as collateral. This will immediately unlock 400,000 tons of cocoa beans for local processors, creating thousands of jobs and retaining significantly more value within Ghana’s economy.

President Mahama went further, setting an ambitious yet firm deadline to end the export of unprocessed minerals from Ghana.

“I say by 2030, there won’t be any raw mineral ores leaving Ghana. You’re not going to ship raw manganese ore out of Ghana. You’re not going to ship raw bauxite ore out of Ghana. You’re not going to ship raw iron ore out of Ghana. You must process all that locally,” he stated emphatically.

The announcement represents what President Mahama says is a comprehensive application of the Accra Reset philosophy, his continental initiative aimed at scaling up development across Africa by asserting sovereignty over natural resources and building domestic processing capacity.

The President framed his bold moves in the context of mounting pressure from Africa’s youthful population, which is increasingly desperate for economic opportunities.

“That is the only way we can provide opportunities for our young people. Our young people are less patient than our generation. They want to see that progress and prosperity today,” he said.

He connected the urgency of implementation directly to the migration crisis: “That is why Accra Reset needs that urgency to stop our young people from braving the dangers of the Sahara and the Mediterranean as they try to reach Europe in search of opportunity.”

Acknowledging that continental transformation requires immediate action rather than endless planning, President Mahama endorsed a proposal for rapid implementation through willing partners.

“We come with the decisions. We agree. We do the frameworks. What is missing is urgency and implementation. We take time. And we behave like time is waiting for us,” he said, channelling concerns raised during the discussion.

“That is why Accra Reset is a good idea. But let’s implement urgently. If parts of the continent are not ready, let’s form a coalition of the willing to move this as quickly as possible. And let all the others follow and join.”

The Accra Reset initiative, introduced by President Mahama, aims to reshape Africa’s economic ties with the rest of the world, focusing on processing resources locally, building industries, and taking control of the continent’s natural wealth to boost prosperity for Africa’s 1.4 billion people.

Ghana’s statements in Addis Ababa show that the country plans to set an example, putting real actions in place that other African nations can follow as part of a wider movement across the continent.

“From Addis, we must stop talking and start implementing,” President Mahama concluded, crystallising the theme of the gathering he dubbed “the Addis reckoning.”