President Mahama Seeks Singapore’s Expertise to Boost Cross-Border Payments, SME Dev’t Under AfCFTA

Ghana is seeking to draw on Singapore’s globally recognized expertise in payment systems and small business development as the country positions itself as Africa’s commercial gateway.

This was an appeal made by President John Dramani Mahama to the President of Singapore on the second day of his three-day state visit to Singapore,

Speaking during bilateral talks with President Tharman Shanmugaratnam, President Mahama underscored that while Africa has signed protocols to enable the free movement of goods and people under the African Continental Free Trade Area (AfCFTA), trade will not flourish unless seamless payment systems are in place.

“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,” President Mahama stressed.

He pointed to the rollout of the Pan-African Payment and Settlement System (PAPSS) as a step toward bridging the cross-border payment gap in Africa.

He further touted that Singapore’s comparative advantage in payments interoperability presents Africa, and Ghana in particular, with an opportunity to learn from a tested model.

“Singapore has a comparative advantage over Africa when it comes to payment systems, and we are looking to learn from you,” he said.

President Mahama also emphasized SMEs as a priority area, noting that empowering small and medium enterprises with digital payment solutions and access to finance would unleash Africa’s entrepreneurial potential and deepen regional integration.

President Tharman praised Ghana’s economic reforms and backed its vision to leverage Singapore’s expertise to accelerate cross-border trade.

“Ghana must succeed for West Africa and Africa to succeed,” he said, affirming Singapore’s readiness to collaborate on fintech, payment systems, and SME development.

With inflation easing and Ghana aiming for single-digit levels by year’s end, Mahama said his administration is reinforcing fiscal discipline to restore macroeconomic stability while opening doors for deeper Asia–Africa commerce.

Both leaders framed the partnership as not just about policy protocols but about building practical financial connectivity that will allow African businesses, from SMEs to large exporters, to compete effectively in global markets.

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