Ghana, Singapore Push Cross-Border Payments and SME Ties as Mahama Hails Stabilising Economy
On the second day of his three-day state visit to Singapore, President John Dramani Mahama emphasised the importance of closer financial and technological cooperation, noting that Ghana is positioning itself as a continental gateway under the African Continental Free Trade Area (AfCFTA) while working to restore macroeconomic stability.
“Ghana provides a good gateway and push for Africa into the world,” Mahama said during bilateral talks with President Tharman Shanmugaratnam, pointing to AfCFTA, a youthful population and an untapped market in West Africa and Africa.
He noted that inflation “is down to about 13%” and the government is “targeting a single digit by the end of the year,” alongside “prioritising expenditure” and “ensuring fiscal discipline.”
A central theme of the bilateral talks was the interoperability of payments to unlock trade across African borders.
“It is not enough to sign protocols on free movement of people and goods… we must be able to pay for the goods across borders,” Mahama said.
He added that Ghana is backing continent-wide solutions, “including the start of the PAPSS,” 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,” he said.
President Tharman praised Ghana’s reform efforts.
“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 said, calling Mahama’s address at the Africa Singapore Business Forum “a strong reflection of the bilateral relations between our two countries.”
Both leaders also flagged 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,” Tharman said.
Mahama congratulated Singapore on the city-state’s 60th anniversary of independence and noted that Ghana will mark its 70th anniversary in 2027, framing the partnership as one that can accelerate Africa–Asia commerce through practical financial connectivity as well as trade protocols.
