President John Dramani Mahama has announced that Ghana and Singapore will collaborate to develop interoperable cross-border payment systems aimed at boosting trade and investment under the African Continental Free Trade Area (AfCFTA).

The agreement was reached during bilateral talks with Singapore’s President Tharman Shanmugaratnam as part of Ghana’s state visit to the Asian nation.

Speaking on Thursday, August 28, President Mahama emphasised that the free movement of goods and people under the AfCFTA must be complemented by seamless financial transactions.

“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,” he said.

The two leaders reaffirmed cooperation in key areas, including technology, finance, agribusiness, and green growth.

President Mahama highlighted Ghana’s plans to develop over two million hectares along the Volta Economic Corridor into agro-processing parks and irrigated lands under the Resetting Ghana Agenda and 24-Hour Economy programme.

He further noted that Ghana’s economy was stabilising, with inflation reduced to about 13% and a target of single digits by year-end, while prioritising expenditure and fiscal discipline.

The partnership also covered low-carbon investment opportunities, with Singapore becoming the first Asian country to sign an implementation agreement with Ghana on carbon markets.

Expressing gratitude for the warm reception, President Mahama said both countries were committed to translating agreements into “concrete projects, jobs, and shared prosperity,” while President Tharman described Ghana as a reliable gateway for investment under AfCFTA.