Hot SourcePresident John Dramani Mahama has disclosed that trade between Ghana and Singapore reached $215 million in 2024, signalling a steady rise in economic cooperation between the two nations.
Speaking at the 8th Africa–Singapore Business Forum in Singapore on Tuesday, Mahama told political and business leaders that the figures demonstrate “new opportunities for Ghana and the wider West African region” as the country deepens its engagement with Asia.
He explained that the gains were not only about numbers but also about what they represent for the future. According to him, stronger investment flows are expected to drive partnerships in key sectors including trade, technology and infrastructure.
The president stressed that Africa presents one of the most dynamic markets in the world, pointing to its youthful population, rapid urbanisation and expanding middle class. “We are 1.4 billion people, young, fast urbanizing, digitally connected, rapidly growing middle class and Africa’s cities will host more than 700 million consumers by 2030,” Mahama said.
He further noted that the African Continental Free Trade Area (AfCFTA) creates a massive opportunity for businesses across the globe. “The African continental free trade area is the largest new free trade area in the world by number of countries and this creates a 3.4 trillion dollar market and lowered barriers across supply streams on the continent,” he added.
On energy and digital finance, Mahama underscored Africa’s potential and progress. “Africa holds vast renewable energy potential and is already a global leader in mobile money and fintech adoption. This is a market ready for skilled solutions. Yet this opportunity must be matched with capital at the right price and with the right instruments.”
But the former AU Champion on Financial Institutions did not shy away from exposing the barriers confronting the continent. He criticised the prevailing financial system, saying, “the current global financial architecture remains inequitable for low and middle income countries.”
Highlighting the scale of the challenge, he pointed out that Africa faces an annual financing gap of about $1.3 trillion, with infrastructure alone requiring between $181 billion and $221 billion each year.
Mahama concluded by cautioning that while Africa has made strides in innovation, the continent’s growth will stall unless international partners step up to close these financing gaps.
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