President John Dramani Mahama has disclosed that trade between Ghana and Singapore reached over $215 million in 2024, adding that his goal is to scale it up to the billion-dollar mark in the coming years.
Mahama highlighted the rising trade volumes between Africa and Singapore, noting significant gains for Ghana and the wider West African region.
He explained that the numbers point to opportunities for stronger cooperation.
Ghana-Singapore trade has also grown, reaching over US$215 million in 2024,” he told the gathering of government leaders and business executives.
“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.”
“I speak today as an African leader and as President of Ghana. 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.”
Speaking at the opening of the 8th Africa–Singapore Business Forum in Singapore on Tuesday, August 26, 2025, he said Ghana is ready to deepen ties with Asia and scale up trade.
President Mahama portrayed Africa as a vibrant and growing market, noting that the continent’s 1.4 billion people are young, rapidly urbanising, and digitally connected. He added that by 2030, African cities will be home to over 700 million consumers.
He stressed that despite its resources and innovation, the continent still struggles with access to finance.
“The African Continental Free Trade Area is the largest new free trade area in the world by number of countries, and this has created a $3.4 trillion market and lowered barriers across supply chains.”
“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.”
As African Union Champion on Financial Institutions, Mahama outlined the challenges.
“Africa faces an annual financing gap estimated at $1.3 trillion. Infrastructure needs alone run between $181 and $221 billion per year through 2030, and the climate finance gap is about $213 billion annually.
“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.”
