SINGAPORE — President John Dramani Mahama of Ghana, on a three-day state visit to Singapore, has underscored the importance of enhanced financial and technological partnerships, positioning Ghana as a key gateway to the African continent. During bilateral discussions with Singaporean President Tharman Shanmugaratnam, President Mahama emphasized Ghana’s commitment to restoring macroeconomic stability and its role within the African Continental Free Trade Area (AfCFTA).
President Mahama noted that Ghana’s inflation has dropped to about 13%, with a goal of achieving a single-digit rate by the end of the year, alongside efforts to ensure fiscal discipline. A central point of the talks was the need for interoperable payment systems to facilitate cross-border trade, with Mahama stating, “It is not enough to sign protocols on free movement of people and goods… we must be able to pay for the goods across borders.” Ghana is looking to draw on Singapore’s expertise in this area and is supporting the Pan-African Payment and Settlement System (PAPSS).
In response, President Tharman praised Ghana’s reform initiatives, stating, “Ghana must succeed for West Africa and Africa to succeed.” Both leaders identified fintech, cross-border payments, and the development of small and medium-sized enterprises (SMEs) as immediate priorities for collaboration.
President Mahama also framed the partnership as a way to accelerate Africa-Asia commerce through practical financial connectivity and trade agreements.
Ruth Abl ADJORLOLO
