President John Dramani Mahama has declared that Ghana and Singapore will collaborate to enhance interoperable cross-border payment systems aimed at promoting trade and investment within the framework of the African Continental Free Trade Area (AfCFTA).
This agreement was established during bilateral discussions with Singapore’s President Tharman Shanmugaratnam, which took place as part of Ghana’s official visit to the Asian country.
In his address on Thursday, August 2, 2025, President Mahama stressed the importance of supporting the free movement of goods and individuals under AfCFTA with efficient financial transactions. He added that Ghana is committed to supporting continent-wide initiatives such as the Pan-African Payment and Settlement System (PAPSS).
“It is insufficient to merely permit the free movement of individuals and goods. Cross-border payments must also be efficient, and Ghana will endorse continent-wide initiatives like PAPSS to enhance payment systems,” he remarked.
The two leaders also reiterated their commitment to cooperation in various sectors, including technology, finance, agribusiness, and sustainable growth.
President Mahama underscored Ghana’s intention to transform over two million hectares along the Volta Economic Corridor into agro-processing parks and irrigated areas as part of the Resetting Ghana Agenda and the 24-Hour Economy initiative.
He also pointed out that Ghana’s economy is on the path to stabilization, with inflation reduced to approximately 13% and a goal of achieving single-digit inflation by the end of the year, as the government focuses on prudent spending and fiscal discipline.
He indicated that the next step is to convert this stability into sustainable, job-creating growth through green finance, agro-industrialization, and advancements in the creative and digital economy.
President Tharman conveyed his confidence in Ghana’s reform efforts and characterized the nation as a gateway for investment opportunities under AfCFTA.
The partnership also addressed carbon markets, with Singapore becoming the first Asian nation to enter into an implementation agreement with Ghana, thereby facilitating low-carbon investment prospects.
President Mahama conveyed his appreciation to the Government and citizens of Singapore for their cordial welcome, stating that both countries are dedicated to transforming the agreements into tangible projects, employment opportunities, and mutual prosperity.
