Prez Mahama Pushes for Seamless Cross-Border Payments Under AfCFTA

President John Dramani Mahama has stressed that the free movement of goods and people under the African Continental Free Trade Area (AfCFTA) must be backed by efficient, interoperable payment systems to unlock the full potential of the trade pact.

Speaking in Singapore on Thursday, August 2, 2025, during bilateral talks with Singaporean President Tharman Shanmugaratnam, Mr. Mahama announced that Ghana and Singapore will collaborate to advance cross-border financial interoperability to support trade and investment.

“It is not enough to allow free movement of people and goods. Cross-border payments must also be seamless, and Ghana will support continent-wide solutions like PAPSS to expand payment systems,” Mahama declared.

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

Highlighting recent economic gains, Mahama said inflation has dropped to about 13%, with a single-digit target by year’s end, as government pursues expenditure cuts and fiscal discipline. The next phase, he noted, will focus on job-rich, sustainable growth driven by agro-industrialisation, digital innovation, and green finance.

Singapore also became the first Asian nation to sign an implementation agreement with Ghana on carbon markets, paving the way for low-carbon investment opportunities.

President Tharman described Ghana as a “gateway for investment under AfCFTA,” expressing confidence in the country’s reform trajectory.

Mahama, in turn, thanked Singapore for its support and warm reception, stressing that both countries are committed to turning agreements into concrete projects, jobs, and shared prosperity.