Mahama calls for partnerships to unlock jobs, technology, and shared prosperity in Africa
President John Dramani Mahama has urged for stronger partnerships that unlock jobs, technology, and shared prosperity across Africa. Speaking at the opening of the 8th Africa–Singapore Business Forum in Singapore on Tuesday, August 26, President Mahama said that in an era of tightened financial conditions, fragile supply chains, and rising protectionism, South–South collaboration is not optional but essential.
“Africa and Singapore must be champions of open markets, trusted rules, and practical partnerships that deliver jobs, technology transfer, and shared prosperity,” he emphasized.
Addressing Africa’s financing gap, President Mahama stressed the need to build strong financial institutions tailored for the continent. “Africa needs justice, not benevolence, in the way international finance is structured,” he declared.
As the African Union’s Champion on Financial Institutions, he highlighted that the global financial architecture remains inequitable for low- and middle-income countries. He cited Africa’s annual financing gap of $1.3 trillion, with infrastructure needs alone estimated between $181 and $221 billion per year through 2030 and a climate finance gap of about $213 billion annually.
To address this, he outlined steps being taken to strengthen Africa’s financial system, including accelerating the establishment of 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,” he added.
President Mahama stressed that while Africa presents vast opportunities such as renewable energy potential and global leadership in mobile money and fintech adoption these opportunities must be matched with affordable financing.
“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,” he said.
Source: Laud Nartey
