A Singaporean trade mission comprising 22 members is currently in Ghana to engage with potential project developers following the recent signing of an Implementation Agreement (IA) on carbon credits cooperation aligned with Article 6 of the Paris Agreement. Led by Mr. Alvin Tan, Minister of State for Trade and Industry of Singapore, the mission aims to deepen understanding of Ghana’s business landscape, foster connections between Singaporean and Ghanaian businesses, and catalyze solutions in the growing carbon market.

South Korea is intensifying its economic ties with Africa through various initiatives. At the inaugural Korea-Africa Summit, South Korea committed to increasing official development assistance to $10 billion by 2030 and pledged $14 billion in export financing. The summit resulted in agreements across sectors like energy, minerals, and infrastructure, with over 25 African heads of state in attendance. South Korea aims to secure critical minerals for technologies like electric vehicles, and is involved in agriculture, digital technology projects, and infrastructure developments across the continent.

The Congolese Ministry of Hydrocarbons signed an amended Production Sharing Contract with China's Wing Wah Oil Company for the Banga Kayo oil block. This partnership aims to boost oil production to 80,000 barrels per day by late 2025 and initiate gas production in August 2024. Wing Wah, an affiliate of Southernpec, holds 85% of Banga Kayo, while SNPC holds 15%. The agreement highlights strong Africa-Asia energy cooperation and supports Congo's economic growth and energy security.

Tolaram, headquartered in Singapore, is acquiring Diageo's 58.02% stake in Guinness Nigeria for N81.60 per share. This strategic move combines Tolaram’s local manufacturing and distribution expertise with Diageo’s global brand-building prowess. The acquisition underscores the strengthening economic ties between Africa and Singapore, highlighting the potential for international partnerships to foster local innovation and development. This collaboration is expected to significantly boost the Nigerian market and enhance Tolaram's presence in Africa.

From June 4-6, 2024, Singapore hosted Ethiopian Prime Minister Dr. Abiy Ahmed Ali, marking the 55th anniversary of diplomatic ties. The visit included high-level meetings, sharings by President Tharman, Prime Minister Wong and Prime Minister Abiy, and the signing of agreements to enhance cooperation in air connectivity, transport, and digitalization. Both nations celebrated their shared multicultural values and committed to strengthening economic and diplomatic relations, positioning themselves as gateways between Southeast Asia and Africa.

Africa's biodiversity buffers climate change impacts, but receives little compensation. Carbon credits offer a solution, with Africa's initiative aiming to unlock billions for climate projects.

Despite criticism, global demand for credits is rising. Singapore's Climate Impact X exchange positions it as a key player, leveraging financial expertise to tap into Africa's market. While facing competition from emerging African hubs, Singapore's infrastructure and expertise could make it a preferred choice, driving sustainable development and strengthening ties with Africa.

Global powers are increasingly holding summits with Africa, recognizing its economic potential and resource wealth. Japan pioneered this approach with the Tokyo International Conference on African Development (TICAD) in 1993, inspiring similar summits.

“Japan has an ageing population but is cash rich. African countries are often young, fast-growing economies, but lack capital. In that regard, it is without doubt a great partnership,” Emma Ruiters, a senior analyst at the Tony Blair Institut, notes.

Absa Group, a Pan-African lender, expects a big rise in trade finance revenue due to their new office in Beijing, China. This office will advise Chinese corporations on trade finance, foreign exchange, and cross-border payments.

Absa aims to double their trade finance contribution from the China-Africa corridor in the next few years. They will focus on documentary trade products and see potential in both state-owned and commercial clients.

This comes as China is shifting its focus in Africa from infrastructure projects to trade.