President John Dramani Mahama has urged the international community to give Africa fair access to capital, insisting that the continent cannot bridge its vast financing gaps through aid but only through equitable participation in the global financial system.
Speaking at the opening of the 8th Africa–Singapore Business Forum in Singapore on Tuesday, President Mahama said Africa requires “justice, not benevolence” in how international finance is structured.
“As the African Union Champion on Financial Institutions, I must be candid: the current global financial architecture remains inequitable for low- and middle-income countries,” he said. “Africa faces an annual financing gap of $1.3 trillion. Infrastructure needs alone range between $181 and $221 billion per year through 2030, while the climate finance gap is about $213 billion annually.”
He stressed that Africa’s solution lies in strengthening its own financial institutions. Among the initiatives, he cited the establishment of the African Monetary Institute as a step toward an African Central Bank, linking ten major stock exchanges through the African Exchanges Linkage Project, and scaling up the Pan-African Payment and Settlement System to enable cross-border trade in local currencies.
President Mahama noted that Africa presents vast opportunities in renewable energy, mobile money, and fintech, but these must be matched with financing on fair terms. “This is a market ready for scaled solutions. Yet this opportunity must be matched with capital at the right price and with the right instruments,” he said.
He called for practical partnerships that create jobs, transfer technology, and promote shared prosperity. “In a world of tightened financial conditions, fragile supply chains and rising protectionism, South–South collaboration is not optional; it is essential. Africa and Singapore must be champions of open markets, trusted rules and practical partnerships,” he added.
President Mahama pointed to growing trade volumes as evidence of stronger ties, noting that Africa–Singapore trade rose nearly 50% between 2020 and 2024 to reach almost US$14 billion, with Ghana–Singapore trade accounting for more than US$215 million in 2024.
Positioning Ghana as a stable and reform-minded gateway to the continent, he highlighted ongoing economic reforms that are rebuilding investor confidence. “Inflation is easing, the cedi has stabilised, and ratings outlooks are improving. We are simplifying regulations and reviewing our Investment Promotion Act—including removing minimum capital thresholds for foreign investors—to make it easier and faster to partner with us,” he said.
He underscored Ghana’s new economic strategy—the 24-Hour Economy—designed to boost productivity, exports, and jobs. “Ghana is open for business 24 hours a day. We are aligning infrastructure, incentives and skills so factories, farms, ports and service centres can operate round-the-clock,” he explained, citing the Volta Economic Corridor as the country’s most ambitious development plan to date.
Concluding, President Mahama invited investors to test Ghana’s readiness during a Presidential Business Roundtable scheduled as part of his State Visit. “We will showcase bankable projects, provide direct access to regulators, outline incentives for strategic investors, and offer a one-stop investor concierge so decisions can be made quickly and confidently,” he assured.
