President John Dramani Mahama emphasized the significance of deeper financial and technological cooperation on the second day of his three-day state visit to Singapore.
He pointed out that Ghana is attempting to restore macroeconomic stability while establishing itself as a continental gateway under the African Continental Free Trade Area (AfCFTA).
During bilateral talks with President Tharman Shanmugaratnam, Mahama stated, “Ghana provides a good gateway and push for Africa into the world,” citing the AfCFTA, a youthful populace, and an unexplored market in Africa and West Africa.
In addition to “prioritizing expenditure” and “ensuring fiscal discipline,” he stated that the government is “targeting a single digit by the end of the year” and that inflation “is down to about 13%.”
The interoperability of payments to open trade across African borders was a major topic of discussion during the bilateral negotiations.
“It is not enough to sign protocols on free movement of people and goods… we must be able to pay for the goods across borders,” Mahama said.
Ghana is supporting solutions for the entire continent, he continued, “including the start of the PAPSS,” or Pan-African Payment and Settlement System, and hopes to benefit from Singapore’s experience.
“Singapore has a comparative advantage over Africa when it comes to payment systems, and we are looking to learn from you,” he said.
Ghana’s reform initiatives were commended by President Tharman.
“Ghana must succeed for West Africa and Africa to succeed, and I see that you… are dealing with the country’s issues, including the debt challenge, admiringly,” he said, calling Mahama’s address at the Africa Singapore Business Forum “a strong reflection of the bilateral relations between our two countries.”
Both leaders also flagged fintech, cross-border payments, and SME development as near-term priorities.
“Other areas of interest are Fintech and payment systems, cross-border payments, development of SMEs… and we are ready and glad to pursue them together,” Tharman said.
Mahama framed the alliance as one that may expedite Africa-Asia business through sensible financial connectivity and trade norms, congratulating Singapore on the city-state’s 60th anniversary of independence and pointing out that Ghana will celebrate its 70th in 2027.
Source: newsthemegh.com