Africa needs fair finance, not sympathy – Mahama tells global leaders
By Praisebell Rosemond Larbi
President John Dramani Mahama has called on the global financial system to treat Africa with fairness, stressing that the continent’s development cannot be sustained on aid and benevolence but through access to affordable capital.
Delivering the keynote address at the opening of the 8th Africa–Singapore Business Forum in Singapore on Tuesday, 26 August 2025, President Mahama argued that Africa’s financing gap is too vast to be closed with charity.
“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.
President Mahama highlighted the scale of Africa’s needs, citing an annual financing gap of USD1.3 trillion, infrastructure requirements of up to USD221 billion per year through 2030, and a climate finance shortfall of USD213 billion annually.
To close these gaps, he called for structural reforms and homegrown solutions.
“We are taking steps to build an African financial system that works for Africa. We are accelerating the African Monetary Institute as a precursor to the African Central Bank and linking ten major stock exchanges through the African Exchanges Linkage Project to enhance liquidity. We are also scaling the Pan-African Payment and Settlement System to enable businesses to settle cross-border trade in local currencies,” President Mahama stated.
He stressed that Africa is not short of opportunity but needs the right kind of financing:
“Africa holds vast renewable energy potential and is already a global leader in mobile money and fintech adoption. This is a market ready for scaled solutions. Yet this opportunity must be matched with capital at the right price and with the right instruments.”
President Mahama also urged stronger South–South partnerships to unlock growth.
“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 noted.
Citing trade data, he noted that Africa–Singapore trade rose by about 50 per cent between 2020 and 2024 to nearly USD14 billion, while Ghana–Singapore trade alone reached over USD215 million.
He described Ghana as a stable and reliable gateway to Africa’s USD3.4 trillion single market under the African Continental Free Trade Area (AfCFTA).
President Mahama also highlighted ongoing reforms to attract investors, including macroeconomic stabilisation, easing inflation, cedi stability and regulatory reviews to simplify business operations.
He promoted Ghana’s ‘24-Hour Economy’ model, anchored on productivity, exports and jobs, with the Volta Economic Corridor as its flagship development project.
