President John Dramani Mahama has stressed that Africa’s economic potential can only be unlocked if global finance becomes fairer and African institutions are strengthened to deliver capital at scale.
Speaking at the 8th Africa–Singapore Business Forum, Mahama pointed to the African Continental Free Trade Area (AfCFTA) as the world’s largest new free trade bloc, creating a $3.4 trillion market that has already begun lowering barriers across supply chains.
“Africa is investable,” he said. “We have a vast renewable energy potential, we are global leaders in mobile money and fintech adoption, and we have the market for scaled solutions. But opportunity must be matched with capital at the right price and with the right instruments.”
Financing Gaps
The President described the existing global financial architecture as “inequitable,” particularly for low- and middle-income economies, and outlined the scale of Africa’s needs.
“Africa faces an annual financing gap of about $1.3 trillion,” he said.
“Infrastructure needs alone run between $181 and $221 billion per year through 2030, while our climate finance shortfall is around $213 billion annually.”
Two Assurances
Mahama assured the forum that Africa is moving to reduce its dependence on external systems by building its own financial backbone.
He outlined two key steps:
Accelerating the African Monetary Institute as a precursor to the African Central Bank, while linking 10 major stock exchanges through the African Exchanges Linkage Project to boost liquidity.
Scaling the Pan-African Payment and Settlement System (PAPSS) to allow businesses to settle cross-border trade in local currencies.
“We are taking steps to build an African financial system that works for Africa,” Mahama said.
Singapore’s Role
Turning to Asia, he cast Singapore as a crucial partner in this transformation.
“Singapore stands at the nexus of global finance, fintech, logistics and green innovation,” Mahama noted.
“Your excellence in project preparation, blended finance, risk management, standards and dispute resolution is precisely what Africa needs to move projects from pipeline to bankable to build.” he stated.
