KEY POINTS
- Mahama says Africa’s $1.3 trillion financing gap requires access to fair capital.
- Calls for overhaul of global financial system, not charity.
- Ghana reforms include 24-hour economy, regulatory easing, investment incentives.
Ghana’s President John Mahama has called for a reset of the global financial system, warning that Africa cannot close its massive financing gaps through charity but only through fairer access to capital.
Speaking Tuesday at the 8th Africa–Singapore Business Forum in Singapore, Mahama emphasized on fair finance in Africa, the world must stop treating Africa as a beneficiary and start treating it as a partner.
“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. “Africa faces an annual financing gap of $1.3 trillion.”
Africa’s financial overhaul
Mahama outlined steps to strengthen the continent’s own institutions, including plans to accelerate the African Monetary Institute, a precursor to a future central bank; link 10 major stock exchanges under the African Exchanges Linkage Project; and expand the Pan-African Payment and Settlement System to allow trade in local currencies.
He stressed that Africa’s opportunity lies in pairing its resources with financing at the right cost. “Africa holds vast renewable energy potential and is already a global leader in mobile money and fintech adoption. Yet this opportunity must be matched with capital at the right price,” Mahama said.
Call for South–South partnerships
In a world of tightening financial conditions, Mahama argued, South–South collaboration is not optional but essential. He urged Singaporean businesses to deepen partnerships with Africa in technology transfer, job creation, and market integration.
Trade between Africa and Singapore jumped nearly 50% between 2020 and 2024 to almost $14 billion, with Ghana–Singapore flows topping $215 million last year.
Ghana as Africa’s gateway for fair finance in Africa
Mahama positioned Ghana as the continent’s most stable and reliable entry point. He pointed to reforms aimed at stabilizing the economy, including easing inflation, a stronger cedi, and an improving ratings outlook.
“We are simplifying regulations, reviewing our Investment Promotion Act, and removing minimum capital thresholds for foreign investors,” he said. “Our economic model 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.”
At the center of that strategy is the Volta Economic Corridor, billed as Ghana’s most ambitious integrated development plan.
An invitation to investors
Mahama urged investors to test Ghana’s readiness during his state visit. “We will showcase bankable projects, provide direct access to regulators, and offer a one-stop investor concierge so decisions can be made quickly and confidently,” he said.
“Africa is not asking for sympathy but for collaboration. Our proposition is straightforward: a stable, reform-minded country connected to the AfCFTA, designed for scale. A partner that values integrity, predictability and long-term relationships.”
