President John Mahama has called on the global financial system to treat Africa fairly, warning that the continent cannot close its vast financing gaps through charity but only through access to capital at the right price.
Speaking at the opening of the 8th Africa–Singapore Business Forum in Singapore on Tuesday, he stressed that Africa needs justice, not benevolence, in the way international finance is structured.
“As the African Union Champion on Financial Institutions, I must be candid: the current global financial architecture remains inequitable for low- and middle-income countries,” he said.
He highlighted Africa’s financial challenges, noting an annual financing gap of $1.3 trillion. Infrastructure needs alone range from $181 to $221 billion per year through 2030, while the climate finance gap is about $213 billion annually.
President Mahama insisted that the solution lies in building strong financial institutions. “We are taking steps to build an African financial system that works for Africa; accelerate the African Monetary Institute as a precursor to the African Central Bank, and link ten major stock exchanges through the African Exchanges Linkage Project to enhance liquidity. We are also scaling the Pan-African Payment and Settlement System to enable businesses to settle cross-border trade in local currencies.”
He added that Africa holds vast renewable energy potential and is already a global leader in mobile money and fintech adoption. “This is a market ready for scaled solutions. Yet this opportunity must be matched with capital at the right price and with the right instruments.”
President Mahama emphasized the importance of partnerships that unlock jobs, technology, and shared prosperity. “In a world of tightened financial conditions, fragile supply chains, and rising protectionism, South–South collaboration is not optional; it is essential. Africa and Singapore must be champions of open markets, trusted rules, and practical partnerships that deliver jobs, technology transfer, and shared prosperity.”
He pointed to trade growth as evidence of stronger ties. “Africa–Singapore trade rose by about 50 per cent between 2020 and 2024 to nearly US$14 billion, with West Africa accounting for more than half of that. Ghana–Singapore trade has also grown, reaching over US$215 million in 2024.”
Positioning Ghana as Africa’s most stable and reliable gateway, President Mahama said, “Our message is simple: Africa is investable, and Ghana is your reliable gateway to the continent. The continent is the world’s most dynamic emerging market. We are 1.4 billion people today—young, fast-urbanising, digitally connected—and by 2030, Africa’s cities will host more than 700 million consumers. The African Continental Free Trade Area is the largest new free trade area in the world by number of countries, creating a $3.4 trillion market and lowering barriers across supply chains.”
He highlighted Ghana’s reforms to rebuild investor confidence: stabilizing the macroeconomy, easing inflation, stabilizing the cedi, improving ratings outlooks, and simplifying regulations, including removing minimum capital thresholds for foreign investors.
“Our economic strategy is anchored in productivity, exports, and jobs. We call it the 24-Hour Economy—for a reason. Ghana is OPEN FOR BUSINESS 24 hours a day. We are aligning infrastructure, incentives, and skills so factories, farms, ports, and service centres can operate round-the-clock shifts safely and competitively. At the core of this is the Volta Economic Corridor—our most ambitious integrated development to date.”
He reiterated that Africa seeks collaboration, not sympathy: “Our proposition is straightforward: a stable, reform-minded country, connected to the AfCFTA, designed for scale. A 24-Hour Economy that matches your need for speed, reliability, and standards. A pipeline of investable projects in agribusiness, logistics, manufacturing, energy, digital, and tourism. A partner that values integrity, predictability, and long-term relationships. In return, Ghana and Africa ask for what Singapore does best: practical collaboration, technology transfer, disciplined project execution, blended finance, and a shared commitment to skills development.”
President Mahama closed with an invitation to investors: “On day three of this State Visit, as part of the Africa Forum, we will host a Presidential Business Roundtable. Join us. Bring your teams. Put Ghana’s readiness to the test. We will showcase bankable projects, provide direct access to our regulators, outline incentives for strategic investors, and offer a one-stop investor concierge so decisions can be made quickly and confidently.”
Source: Abubakar Ibrahim
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