President John Mahama has urged the international financial community to adopt a fairer approach toward Africa, stressing that the continent cannot close its vast funding gap through benevolence but only through access to affordable capital.
Speaking at the opening of the 8th Africa–Singapore Business Forum in Singapore on Tuesday, he argued that Africa needs justice rather than charity in its relationship with global finance. “As the African Union Champion on Financial Institutions, I must be candid: the current global financial architecture remains inequitable for low- and middle-income countries,” Mahama said.
He outlined the challenges the continent faces, pointing to an annual financing gap estimated at $1.3 trillion, with infrastructure demands alone ranging between $181 and $221 billion per year through 2030. He added that Africa’s climate finance gap is about $213 billion annually.
Mahama explained that the solution lies in creating institutions that work for Africans. He highlighted ongoing efforts to strengthen the continent’s financial systems, including accelerating the establishment of the African Monetary Institute, linking ten major stock exchanges through the African Exchanges Linkage Project, and scaling up the Pan-African Payment and Settlement System for cross-border trade in local currencies.
The former AU chair on financial institutions emphasized Africa’s economic potential, pointing to renewable energy, fintech, and mobile money leadership. “This is a market ready for scaled solutions. Yet this opportunity must be matched with capital at the right price and with the right instruments,” he added, calling for partnerships that generate jobs, technology transfer, and prosperity.
He also stressed the importance of South–South collaboration. “In a world of tightened financial conditions, fragile supply chains and rising protectionism, South–South collaboration is not optional; it is essential. Africa and Singapore must be champions of open markets, trusted rules and practical partnerships that deliver jobs, technology transfer and shared prosperity.”
Trade figures between the two sides, Mahama said, are proof of progress. He noted that Africa–Singapore trade rose by about 50 percent between 2020 and 2024 to nearly US$14 billion, with West Africa contributing more than half. Ghana–Singapore trade alone reached over US$215 million in 2024.
The Ghanaian leader assured investors of his country’s stability and reliability as an entry point to the continent. “I speak today as an African leader and as President of Ghana. Our message is simple: Africa is investable, and Ghana is your reliable gateway to the continent. The continent is the world’s most dynamic emerging market.”
He explained that Ghana is pursuing a national reset, citing easing inflation, a stabilised cedi, and improved ratings outlook. He also referenced reforms such as simplified regulations, business reforms, and amendments to the Investment Promotion Act, which will remove minimum capital thresholds for foreign investors.
At the centre of these reforms, Mahama noted, is the 24-Hour Economy model, which aims to drive productivity, exports, and jobs. “Ghana is OPEN FOR BUSINESS 24 hours a day. We are aligning infrastructure, incentives, and skills so factories, farms, ports, and service centres can operate round-the-clock shifts safely and competitively. At the core of this is the Volta Economic Corridor—our most ambitious integrated development to date.”
He stressed that Africa is not seeking sympathy but genuine partnerships. “Our proposition is straightforward: a stable, reform-minded country, connected to the AfCFTA, designed for scale. A 24-Hour Economy that matches your need for speed, reliability, and standards. A pipeline of investable projects in agribusiness, logistics, manufacturing, energy, digital, and tourism.”
Mahama called on partners like Singapore to bring practical collaboration, technology transfer, disciplined project execution, and blended financing to Africa.
He concluded with an invitation: “On day three of this State Visit, as part of the Africa Forum, we will host a Presidential Business Roundtable. Join us. Bring your teams. Put Ghana’s readiness to the test. We will showcase bankable projects, provide direct access to our regulators, outline incentives for strategic investors, and offer a one-stop investor concierge so decisions can be made quickly and confidently.”
