President John Mahama has called for a new South–South alliance to counter the rise of protectionism and safeguard opportunities for growth across Africa and Asia.

Speaking at the opening of the 8th Africa–Singapore Business Forum on Tuesday, he warned that the global system that once celebrated open trade and multilateralism is now under severe strain.

“The death knell of multilateralism is sounding. Global relations are becoming more transactional. Tariffs and retaliatory tariffs are flying fast and furious. The effects on the global economy are still to be well understood,” President Mahama said.

He stressed that the changing global landscape demands fresh alliances and practical partnerships.

“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 added.

President Mahama noted that Africa and Asia are natural partners with complementary strengths. He pointed to rising trade volumes as evidence of this potential.

“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.”

As President of Ghana and AU Champion on Financial Institutions, Mahama underscored Africa’s pressing financing 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.”

He argued that Africa is taking steps to build stronger systems from within.

“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.”

Mahama presented Ghana as a stable and credible gateway for investors looking to scale across Africa.

“As host of the African Continental Free Trade Area Secretariat, Ghana sits at the heart of the US$3.4 trillion single market.

"Through ECOWAS, we connect you to more than 400 million consumers in West Africa. We offer political stability, a rules-based environment, a double taxation agreement with Singapore in force since 2019, and a growing base of Singaporean investors—69 companies registered with cumulative investments exceeding US$2 billion.”

He highlighted Ghana’s reforms to attract investors. “We are simplifying regulations through our Business Regulatory Reforms, and we are reviewing our Investment Promotion Act—including the removal of minimum capital thresholds for foreign investors—to make it easier and faster to partner, whether through joint ventures or wholly-owned investments.”

Mahama also outlined Ghana’s 24-Hour Economy as a bold strategy for growth. “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.”

He invited Singaporean businesses to seize the opportunity. “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.”

President Mahama closed with a strong appeal for collaboration.

“When Singaporean and African firms collaborate, we will create jobs for our youth, diversify global supply chains, and drive growth in sustainability.”