Ghana, Singapore deepen economic, green growth collaboration under AfCFTA

President John Dramani Mahama has showcased Ghana’s improving economic outlook during high-level talks with Singapore’s President Tharman Shanmugaratnam on Wednesday, August 27, in Singapore.

Addressing the bilateral meeting, President Mahama emphasised that Ghana’s economy is on a steady recovery path, pointing to a drop in inflation to around 13%. He said the government is determined to bring inflation into single digits by the end of the year while maintaining fiscal discipline and prioritising spending.

“The next phase is to translate stability into sustainable, job-rich growth through green finance, agro-industrialisation and the creative and digital economy, sectors that are already creating opportunities for our youth,” President Mahama said.

Talks between the two leaders focused on strengthening ties in areas such as technology, finance, agribusiness, and green growth. President Mahama described the discussions as “productive” and took the opportunity to congratulate Singapore on its 60th anniversary, while noting that Ghana is preparing to mark 70 years of independence in 2027.

In a Facebook post after the meeting, President Mahama disclosed that both nations had agreed to “collaborate closely on interoperable payment systems to facilitate trade under AfCFTA.” He explained that enabling smooth cross-border payments is vital for the success of the continental trade agreement. “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 added.

President Mahama further pointed out that Singapore remains the first Asian country to sign an implementation agreement with Ghana on carbon markets, a move that opens new opportunities for low-carbon investment. He also shared Ghana’s plans to develop more than two million hectares along the Volta Economic Corridor into agro-processing parks and irrigated lands as part of the government’s Resetting Ghana Agenda and the 24-Hour Economy programme.

President Tharman expressed strong confidence in Ghana’s reforms and its strategic role as a gateway for trade and investment under AfCFTA.

“Together, we will accelerate practical financial connectivity and real sector investments that benefit our people. I am grateful to President Tharman and the Government and people of Singapore for the warm welcome. We look forward to turning these commitments into concrete projects, jobs and shared prosperity,” President Mahama said.