President John Dramani Mahama has announced a new partnership between Ghana and Singapore to develop interoperable cross-border payment systems designed to enhance trade and investment under the African Continental Free Trade Area (AfCFTA).
The deal was reached during bilateral talks with Singapore’s President Tharman Shanmugaratnam as part of Mahama’s state visit to the Asian country.
Speaking on Thursday, August 28, President Mahama stressed that free movement of goods and people within AfCFTA must be matched by seamless financial transactions. “It is not enough to allow free movement of people and goods. Cross-border payments must also be seamless, and Ghana will support continent-wide solutions like PAPSS to expand payment systems,” he said.
The leaders reaffirmed commitments to cooperate in areas such as technology, finance, agribusiness, and green growth. President Mahama highlighted Ghana’s plans to transform over two million hectares along the Volta Economic Corridor into agro-processing parks and irrigated farmlands under the Resetting Ghana Agenda and the 24-Hour Economy programme.
He also pointed to signs of economic stability, citing reduced inflation of about 13% and a target of single digits by year-end, supported by expenditure prioritisation and fiscal discipline.
The partnership further extends to low-carbon investment opportunities, with Singapore becoming the first Asian country to sign an implementation agreement with Ghana on carbon markets.
Expressing gratitude for the warm reception, President Mahama said both countries were committed to translating the agreements into “concrete projects, jobs, and shared prosperity.” President Tharman, for his part, described Ghana as a reliable gateway for investment under AfCFTA.
