Accra: President John Dramani Mahama has disclosed that trade between Ghana and Singapore has reached over $215 million in 2024. The President shared this information while addressing attendees at the Africa Singapore Business Forum in Singapore City.
According to Ghana News Agency, the forum serves as a significant platform for business exchange, aiming to foster trade between Africa and Asia. President Mahama emphasized Africa's potential as an investable continent, highlighting Ghana as a reliable gateway to the African market. He noted Africa's rapidly growing population, which is expected to host over 700 million urban consumers by 2030, and underscored the continent's position as an emerging market.
The President addressed the evolving global economic landscape, remarking on the decline of multilateralism and the rise of transactional global relations. He stressed the importance of forging new alliances and exploring new markets to navigate these unpredictable times. President Mahama pointed out the significance of South-South collaboration in the face of tightened financial conditions and rising protectionism, advocating for open markets and practical partnerships between Africa and Singapore.
President Mahama reported a 50% increase in Africa-Singapore trade from 2020 to 2024, totaling nearly $14 billion, with West Africa contributing significantly to this growth. He highlighted the African Continental Free Trade Area (AfCFTA) as a key driver for creating a $3.4 trillion market and reducing supply chain barriers. Additionally, he noted Africa's leadership in renewable energy, mobile money, and fintech adoption, emphasizing the need for capital to unlock this market potential.
As the African Union Champion on Financial Institutions, President Mahama candidly addressed the inequities in the global financial architecture impacting low- and middle-income countries. He identified a $1.3 trillion annual financing gap in Africa, with infrastructure and climate finance needs adding significant pressure. He outlined efforts to build a financial system suited for Africa, including the development of the African Monetary Institute and the African Exchanges Linkage Project to enhance market liquidity.
President Mahama also discussed scaling the Pan-African Payment and Settlement System to facilitate cross-border trade in local currencies. He suggested that Singapore's expertise in global finance, fintech, and green innovation could play a crucial role in advancing African projects from concept to implementation. He emphasized Ghana's strategic position as host of the AfCFTA Secretariat and its connectivity through ECOWAS to over 400 million consumers in West Africa.
Ghana offers political stability, a rules-based environment, and a double taxation agreement with Singapore, in effect since 2019. With 69 Singaporean companies registered, representing investments exceeding $2 billion, President Mahama reinforced Ghana's status as a trusted entry point to scale business operations across the continent.
