During a three-day state visit to Singapore, Ghanaian President John Dramani Mahama emphasized the need for stronger financial and technological cooperation, highlighting Ghana’s strategic role as a gateway to the African continent under the African Continental Free Trade Area (AfCFTA).
In bilateral talks with Singaporean President Tharman Shanmugaratnam, President Mahama stated that Ghana is well-positioned to be a key entry point for Africa due to its young population and the vast, untapped market of West Africa and the wider continent.
He noted the country’s ongoing efforts to restore macroeconomic stability, citing that inflation has dropped to around 13%, with a target of achieving a single-digit rate by year-end. President Mahama also stressed the government’s commitment to fiscal discipline and prioritizing expenditure.
A central point of discussion was the interoperability of payment systems to facilitate trade across African borders. President Mahama emphasized that while protocols for the free movement of goods are essential, the ability to make payments across borders is crucial for unlocking trade. He mentioned Ghana’s support for continent-wide solutions like the Pan-African Payment and Settlement System (PAPSS) and expressed a desire to leverage Singapore’s expertise in payment systems.
In response, President Shanmugaratnam commended Ghana’s reform efforts, stating, “Ghana must succeed for West Africa and Africa to succeed.” He praised President Mahama for “admirably” tackling the country’s challenges, including its debt. President Shanmugaratnam also noted that both nations have identified fintech, cross-border payments, and SME development as immediate priorities for cooperation.
President Mahama concluded by congratulating Singapore on its 60th anniversary of independence, noting that Ghana will celebrate its 70th anniversary in 2027. He framed the partnership as a way to accelerate Africa-Asia commerce through practical financial connectivity and robust trade protocols.