President John Dramani Mahama has revealed that trade between Ghana and Singapore reached $215 million in 2024, with expectations of further growth fueled by increased investment.
Speaking to government leaders and business executives at the 8th Africa–Singapore Business Forum in Singapore on Tuesday, the President indicated that this trend signifies new opportunities for Ghana and West Africa as the nation strengthens its economic connections with Asia.
“Africa and Asia are the two youngest, fastest-urbanizing regions globally. We complement each other in terms of resources, markets, and expertise. The statistics illustrate a clear narrative: trade between Africa and Singapore surged by approximately 50% from 2020 to 2024, nearing $14 billion, with West Africa representing over half of that total. Trade between Ghana and Singapore has also expanded, surpassing $215 million in 2024,” President Mahama stated.
He acknowledged, however, that Africa still encounters obstacles in securing capital, despite being a global frontrunner in mobile money and fintech. He emphasized the necessity for enhanced support to address the continent’s infrastructure and financing needs.
In discussing Africa’s financial integration initiatives, President Mahama mentioned that measures are being implemented to create “an African financial system that serves Africa.” This includes hastening the establishment of the African Monetary Institute as a precursor to the African Central Bank and connecting 10 major stock exchanges through the African Exchanges Linkage Project to enhance liquidity.
He also underscored the expansion of the Pan-African Payment and Settlement System (PAPSS) to facilitate cross-border trade settlements in local currencies.
“This is where Singapore’s strengths can play a catalytic role,” he remarked.
“Singapore is positioned at the intersection of global finance, fintech, logistics, and green innovation. Your expertise in project preparation, blended finance, risk management, standards, and dispute resolution is exactly what African projects require to transition from concept to bankable initiatives for development.”
