Ghana, Singapore Push Cross-Border Payments and SME Ties as Mahama Reports Economic Recovery

President John Dramani Mahama has called for closer financial and technological cooperation between Ghana and Singapore, saying Ghana is positioning itself as a continental gateway under the African Continental Free Trade Area while working to restore economic stability.

On the second day of his three-day state visit to Singapore, President Mahama told his counterpart Tharman Shanmugaratnam that “Ghana provides a good gateway and push for Africa into the world,” pointing to the AfCFTA, a youthful population and an untapped market in West Africa and Africa.

He reported that inflation “is down to about 13%” and the government is “targeting a single digit by the end of the year,” while “prioritising expenditure” and “ensuring fiscal discipline.”

A central theme of the bilateral talks was the interoperability of payments to unlock trade across African borders. President Mahama said it is not enough to sign protocols on free movement of people and goods without being able to pay for goods across borders.

He added that Ghana is backing continent-wide solutions, including the start of the Pan-African Payment and Settlement System, and wants to draw on Singapore’s expertise.

“Singapore has a comparative advantage over Africa when it comes to payment systems, and we are looking to learn from you,” President Mahama said.

President Tharman praised Ghana’s reform efforts, saying “Ghana must succeed for West Africa and Africa to succeed, and I see that you are dealing with the country’s issues, including the debt challenge, admiringly.”

He called President Mahama’s address at the Africa Singapore Business Forum “a strong reflection of the bilateral relations between our two countries.”

Both leaders identified fintech, cross-border payments and SME development as near-term priorities.

“Other areas of interest are Fintech and payment systems, cross-border payments, development of SMEs, and we are ready and glad to pursue them together,” President Tharman said.

President Mahama congratulated Singapore on the city-state’s 60th anniversary of independence and noted that Ghana will mark its 70th anniversary in 2027. 

He framed the partnership as one that can accelerate Africa-Asia commerce through practical financial connectivity and trade protocols.

Richard Aniagyei, ISD