Is it possible to create a single connection object to be used for different aws services ?
Each time a connection is made its a new api call so i believe it would save some time if a connection once created can be reused.
Although it might be possible to use a single connection for multiple services, that's not how boto is written and as the comment above states, I doubt very much that it would improve your performance.  I would recommend that you create a single connection per service and keep reusing that connection.  Boto caches connections and will also handle any reconnection that might be required if you don't use the connection for a while or encounter some error.
Single boto connection object for different aws services