President John Dramani Mahama has announced that Ghana and Singapore will work together to advance interoperable cross-border payment systems to boost trade and investment under the African Continental Free Trade Area (AfCFTA).
The agreement was reached during bilateral talks with Singapore’s President Tharman Shanmugaratnam, held as part of Ghana’s state visit to the Asian nation.
President Mahama during his speech on Thursday, August 2, 2025, emphasised that the free movement of goods and people under AfCFTA must be supported by seamless financial transactions, adding that Ghana will back continent-wide solutions such as the Pan-African Payment and Settlement System (PAPSS).
“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 stated.
The two leaders also reaffirmed cooperation in areas including technology, finance, agribusiness, and green growth.
President Mahama highlighted Ghana’s plans to develop over two million hectares along the Volta Economic Corridor into agro-processing parks and irrigated lands under the Resetting Ghana Agenda and 24-Hour Economy programme.
He further noted that Ghana’s economy is stabilising, with inflation down to about 13% and a target of single digits by year-end, as the government prioritises expenditure and fiscal discipline.
The next phase, he said, is to translate stability into sustainable, job-rich growth through green finance, agro-industrialisation, and the creative and digital economy.
President Tharman expressed confidence in Ghana’s reforms and described the country as a gateway for investment under AfCFTA.
The partnership also touched on carbon markets, with Singapore becoming the first Asian country to sign an implementation agreement with Ghana, paving the way for low-carbon investment opportunities.
President Mahama expressed gratitude to the Government and people of Singapore for the warm reception, saying both nations are committed to turning the agreements into concrete projects, jobs, and shared prosperity.
