Ghana, Singapore partner on cross-border payment systems to boost AfCFTA trade

President John Dramani Mahatma announced a partnership between Ghana and Singapore to develop interoperable cross-border payment systems, facilitating trade and investment under the African Continental Free Trade Area (AfCFTA).

This agreement was reached after bilateral talks with Singapore’s President Tharman Shanmugaratnam on Thursday, August 2, 2025, during Ghana’s state visit to Singapore.

President Mahama emphasized the significance of seamless financial transactions for AfCFTA’s success, pledging Ghana’s support for continent-wide solutions such as the Pan-African Payment and Settlement System (PAPSS).

The two countries also reaffirmed cooperation in technology, finance, agribusiness, and green growth. Ghana plans to develop over two million hectares along the Volta Economic Corridor into agro-processing parks and irrigated lands under its Resetting Ghana Agenda and 24-Hour Economy program.

President Mahama noted economic recovery, highlighting that inflation has dropped to 13%, with a single-digit target by year-end, and emphasizing the government’s aim to transform stability into sustainable, job-rich growth through green finance, agro-industrialization, and the creative and digital economy.

Singapore emerged as the first Asian country to sign an implementation agreement with Ghana on carbon markets, creating opportunities for low-carbon investments.

President Mahama thanked the Singaporean Government and people for their warm reception, expressing his confidence that the agreements will yield tangible projects, employment, and shared prosperity.