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President John Dramani Mahama has announced a landmark partnership between Ghana and Singapore to develop interoperable cross-border payment systems designed to accelerate trade and investment under the African Continental Free Trade Area (AfCFTA).
The agreement was reached on Thursday, August 28, during bilateral talks with Singapore’s President Tharman Shanmugaratnam as part of President Mahama’s state visit to the Asian nation.
President Mahama underscored that the full potential of AfCFTA cannot be realised without efficient financial infrastructure to complement the free movement of goods and people.
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“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,” Mahama stated.
The two leaders reaffirmed bilateral cooperation across several critical sectors, including technology, finance, agribusiness, and green growth.
President Mahama outlined Ghana’s ambitious plans under the Resetting Ghana Agenda and 24-Hour Economy programme, including the development of over two million hectares along the Volta Economic Corridor into agro-processing parks and irrigated farmlands.
He also stressed Ghana’s economic progress, noting that inflation had eased to 13%, with a target of single digits by year-end, alongside stronger fiscal discipline and expenditure prioritisation.
The visit also cemented Singapore’s status as the first Asian country to sign an implementation agreement with Ghana on carbon markets, opening pathways for low-carbon investment opportunities.
President Mahama expressed gratitude for the warm reception, saying both countries were committed to translating agreements into “concrete projects, jobs, and shared prosperity.”
President Tharman praised Ghana as a reliable gateway for investment in Africa, emphasising the importance of the new collaboration under the AfCFTA framework.
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