Trade between Ghana and Singapore reached $215 million in 2024, a figure President John Dramani Mahama says signals growing opportunities for investment and collaboration between the two nations.
Speaking at the 8th Africa–Singapore Business Forum in Singapore on Tuesday, the President said the growth reflects the potential of Africa–Asia partnerships as both regions expand rapidly.
“Africa and Asia are the two youngest and fastest-urbanising regions in the world. We complement each other in resources, markets, and expertise,” President Mahama told delegates. “Africa–Singapore trade increased by nearly 50% between 2020 and 2024, hitting close to $14 billion—with West Africa contributing more than half. Ghana–Singapore trade alone rose to over $215 million last year.”
He, however, pointed out that Africa continues to face barriers in accessing capital, even while leading globally in mobile money and fintech adoption. Addressing this gap, he said, requires fresh financing models and stronger global partnerships.
Highlighting Africa’s financial integration efforts, the President outlined ongoing initiatives such as the creation of the African Monetary Institute, which will pave the way for a continental central bank, and the African Exchanges Linkage Project, connecting 10 major stock markets to improve liquidity. He also stressed the role of the Pan-African Payment and Settlement System (PAPSS) in enabling local currency trade settlements across the continent.
President Mahama urged Singapore to bring its expertise to bear on Africa’s economic transformation.
“Singapore sits at the crossroads of global finance, logistics, and green innovation. Your proven strengths in project preparation, blended finance, and risk management are exactly what Africa needs to turn projects from ideas into bankable ventures,” he said.
