President John Dramani Mahama and Zambian President Hakainde Hichilema held bilateral talks on Thursday in Lusaka, emphasizing the need to deepen economic cooperation between Ghana and Zambia as both countries navigate similar debt restructuring and economic reform challenges.
The meeting at State House followed Mahama’s arrival Wednesday for a three-day state visit to Zambia. The discussions marked a deliberate shift toward strengthening economic partnerships beyond traditional political cooperation that has characterized relations between the two countries since independence.
Hichilema stated the time had come for Ghana and Zambia to place greater emphasis on economic cooperation. I believe that the economic agenda is now more important and must be pronounced. It is this angle that will support other areas of our relationship, the Zambian leader stated during joint remarks with his Ghanaian counterpart.
Hichilema emphasized that Zambia values relations established by the founding fathers of both nations and remains keen to deepen them further through practical economic collaboration. He noted Zambia’s interest in learning from Ghana and sharing experiences in various economic sectors, including mining, where both countries face similar operational and policy challenges.
Mahama echoed the call for enhanced economic cooperation, noting both nations face parallel economic challenges including ongoing debt restructuring processes and implementation of International Monetary Fund (IMF) supported economic reform programs. He stated there was a need for Zambia and Ghana to go beyond political cooperation and strengthen economic partnerships by sharing experiences.
Ghana completed the fourth review under its three billion dollar Extended Credit Facility (ECF) arrangement with the IMF in July 2025 after addressing fiscal slippages that occurred during the December 2024 elections. The country achieved single digit inflation for the first time since 2021 and made significant progress on debt restructuring, including signing bilateral debt relief agreements with members of its Official Creditor Committee under the Group of Twenty (G20) Common Framework.
Zambia secured a landmark agreement in June 2024 to restructure 6.3 billion dollars in bilateral debt, extending maturities to 2043 with reduced interest rates as low as one percent until 2037. The country also successfully completed a Eurobond debt exchange operation with overwhelming creditor support exceeding 90 percent of bondholders.
Both countries defaulted on external debt obligations following economic pressures intensified by the COVID-19 pandemic. Zambia became Africa’s first pandemic era sovereign default in November 2020 after missing a 42.5 million dollar Eurobond payment. Ghana declared a debt distress in December 2022 as public debt reached unsustainable levels.
Hichilema underscored the importance of promoting people to people relations and expressed satisfaction that such ties are being strengthened through intermarriages between citizens of the two countries, reflecting deepening social connections beyond official diplomatic channels.
Mahama stated Ghana is determined to rekindle the spirit planted by the founding fathers and revive the cooperation that has long existed between the two countries. His visit includes an address to the National Assembly of Zambia where he is expected to share Ghana’s vision for a more integrated and prosperous Africa.
The visit features a Ghana Zambia Business Dialogue cochaired by both presidents. The dialogue provides a platform for Ghana to showcase its digital technologies and financial technology services to Zambian businesses and government institutions, fostering economic partnerships and knowledge exchange between the two countries.
Both leaders discussed collaborative opportunities within the framework of the African Continental Free Trade Area (AfCFTA), which they view as critical to transforming African economies and creating sustainable employment opportunities for the continent’s youth population. Mahama remains a strong advocate for accelerated implementation of the AfCFTA.
The Ghanaian president, accompanied by First Lady Lordina Dramani Mahama, is scheduled to meet members of the Ghanaian community in Lusaka and lay a wreath at Embassy Park in honor of Zambia’s fallen heroes during the three day visit that concludes Friday.
Ghana and Zambia maintain diplomatic missions in each other’s capitals. Elizabeth Nyantakyi serves as Ghana’s High Commissioner to Zambia. The two countries are members of the Commonwealth of Nations and maintain historical ties dating to the independence era leadership of Kwame Nkrumah and Kenneth Kaunda.
