Cross-border payments must be seamless – President Mahama in talks with Singapore’s Tharman Shanmugaratnam

President John Dramani Mahama has held bilateral talks with Singapore‘s President Tharman Shanmugaratnam, with discussions centred on strengthening cooperation in technology, finance, agribusiness, and green growth.

During the meeting, President Mahama congratulated Singapore on its 60th anniversary of independence while noting that Ghana will mark its 70th in 2027. Both leaders agreed on the importance of practical financial connectivity, particularly interoperable payment systems, to facilitate trade under the African Continental Free Trade Area (AfCFTA).

“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,” President Mahama stressed.

The two leaders also highlighted Singapore’s pioneering role as the first Asian country to sign an implementation agreement with Ghana on carbon markets, a step that will attract significant investment in low-carbon growth.

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President Mahama outlined Ghana’s plan to develop more than two million hectares along the Volta Economic Corridor into agro-processing parks and irrigated farmlands. He described this as a cornerstone of his Resetting Ghana Agenda and the 24-Hour Economy programme, which aims to boost industrialisation, create jobs, and strengthen food security.

He further noted that Ghana’s economy is stabilising, with inflation reduced to about 13% and a projected decline into single digits by the end of the year. According to him, the next phase is to convert stability into sustainable, job-rich growth through green finance, agro-industrialisation, and expansion of the digital and creative economy.

President Tharman commended Ghana’s reforms and reaffirmed Singapore’s readiness to partner with Ghana as a gateway under AfCFTA.

“Together, we will accelerate practical financial connectivity and real sector investments that benefit our people,” President Mahama concluded.