President John Dramani Mahama
President John Dramani Mahama has said Ghana is on course to achieve single-digit inflation by the end of the year as his government prioritises prudent expenditure and fiscal discipline to consolidate recent economic gains.
The President gave the assurance in Singapore, where he held bilateral talks with President Tharman Shanmugaratnam on the sidelines of the Africa-Singapore Business Forum.
The discussions centred on strengthening cooperation in technology, finance, agribusiness, and green growth.
“Ghana’s economy is stabilising. Inflation is down to about 13%, and we are targeting single digits by year-end while prioritising expenditure and ensuring fiscal discipline,” President Mahama said.
He emphasised that the next phase of Ghana’s economic programme is to translate macroeconomic stability into “sustainable, job-rich growth” through investment in green finance, agro-industrialisation, and the creative and digital economy.
Economic Partnerships and Trade Connectivity
A major focus of the talks was deepening financial integration under the African Continental Free Trade Area (AfCFTA).
President Mahama stressed that while free movement of people and goods was important, seamless cross-border payments were equally critical to unlocking trade.
He pledged Ghana’s support for continent-wide solutions such as the Pan-African Payment and Settlement System (PAPSS) to boost intra-African commerce.
The two leaders also explored opportunities for collaboration in digital payments and interoperable financial systems, with Singapore positioning itself as a key partner in strengthening Ghana’s financial connectivity.
Carbon Markets and Green Growth
President Mahama highlighted Singapore’s role as the first Asian country to sign an implementation agreement with Ghana on carbon markets.
He described the agreement as a new pathway for attracting investment in low-carbon growth, which is central to his government’s “Resetting Ghana Agenda.”
He also outlined plans to develop more than two million hectares along the Volta Economic Corridor into agro-processing parks and irrigated farmlands.
The initiative, he said, would serve as a “game-changer” under his 24-Hour Economy programme, designed to boost productivity and create jobs across multiple sectors.
Confidence in Ghana’s Reforms
President Tharman Shanmugaratnam expressed strong confidence in Ghana’s ongoing economic reforms and reaffirmed Singapore’s commitment to partnering with Ghana as a key gateway to African markets under AfCFTA.
President Mahama, in turn, expressed gratitude for the warm welcome extended by the government and people of Singapore and pledged to translate the bilateral commitments into “concrete projects, jobs, and shared prosperity.”
By Ernest Kofi Adu