President John Dramani Mahama has revealed that Ghana and Singapore will work together to establish interoperable cross-border payment frameworks designed to enhance trade and attract investment within the African Continental Free Trade Area (AfCFTA).
This strategic collaboration was formalized during bilateral discussions with Singapore’s President Tharman Shanmugaratnam, held as part of Ghana’s official visit to the Southeast Asian nation.
Addressing the media on Thursday, August 28, President Mahama underscored the need for fluid financial exchanges to complement the AfCFTA’s goals of unrestricted movement of goods and people.
“It is not enough to allow free movement of people and goods. Cross-border payments must also be seamless, and Ghana will support continent-wide solutions like PAPSS to expand payment systems,” he said.
Both leaders reaffirmed their commitment to deepening collaboration in critical sectors such as digital innovation, financial services, agriculture, and sustainable development.
President Mahama outlined Ghana’s ambition to transform over two million hectares along the Volta Economic Corridor into hubs for agro-processing and irrigated farming, as part of the Resetting Ghana Agenda and the 24-Hour Economy initiative.
He also noted that Ghana’s economic indicators were improving, with inflation dropping to approximately 13%, and a goal of reaching single-digit inflation by the end of the year. He emphasized the government’s focus on prudent spending and fiscal responsibility.
The partnership further includes initiatives in low-carbon development, with Singapore becoming the first Asian nation to sign a carbon market implementation agreement with Ghana.
Expressing appreciation for the hospitality received, President Mahama affirmed that both nations are dedicated to turning their agreements into “concrete projects, jobs, and shared prosperity.” President Tharman echoed this sentiment, describing Ghana as a dependable entry point for investment within the AfCFTA framework.
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