President John Dramani Mahama has revealed that trade between Ghana and Singapore reached $215 million in 2024, with projections for further growth as investments deepen.
Speaking at the 8th Africa–Singapore Business Forum in Singapore on Tuesday, the President said the steady rise in trade reflects Ghana’s growing role in West Africa’s partnership with Asia.
“Africa and Asia are the two youngest, fastest-urbanising regions in the world. We are complementary in resources, markets, and know-how. And the numbers tell a clear story: Africa–Singapore trade rose by about 50% between 2020 and 2024 to nearly $14 billion, with West Africa accounting for more than half of that. Ghana–Singapore trade has also grown, reaching over $215 million in 2024,” he noted.
Mahama, however, pointed out that despite Africa’s leadership in mobile money and fintech, the continent still struggles to access affordable capital for infrastructure and development.
He outlined steps being taken to strengthen Africa’s financial integration, including:
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Establishing the African Monetary Institute as a step toward a continental central bank.
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Linking 10 major stock exchanges through the African Exchanges Linkage Project to improve liquidity.
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Scaling up the Pan-African Payment and Settlement System (PAPSS) to enable cross-border trade in local currencies.
According to him, Singapore’s expertise could play a key role in this transformation.
“Singapore stands at the nexus of global finance, fintech, logistics, and green innovation. Your excellence in project preparation, blended finance, risk management, standards, and dispute resolution is precisely what African projects need to move from pipeline to bankable,” President Mahama said.
Source: Adomonline
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