Ghana–Singapore trade hits $215m in 2024, more opportunities ahead – President Mahama
President John Dramani Mahama has disclosed that trade between Ghana and Singapore reached $215 million in 2024, with projections of further growth driven by increased investment.
Addressing government leaders and business executives at the 8th Africa–Singapore Business Forum in Singapore on Tuesday, the President said the trend reflects new opportunities for Ghana and West Africa as the country deepens its economic ties 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,” President Mahama said.
He noted, however, that Africa continues to face challenges in accessing capital despite being a global leader in mobile money and fintech. He therefore stressed the need for stronger support to meet the continent’s infrastructure and financing demands.
Outlining Africa’s financial integration efforts, President Mahama said steps are being taken to build “an African financial system that works for Africa.” This includes accelerating the establishment of the African Monetary Institute as a precursor to the African Central Bank and linking 10 major stock exchanges through the African Exchanges Linkage Project to boost liquidity.
He further highlighted the scaling up of the Pan-African Payment and Settlement System (PAPSS) to enable cross-border trade settlements in local currencies.
“This is where Singapore’s strengths can be catalytic,” he said.
“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 to build.”
