President John Dramani Mahama has announced that trade between Ghana and Singapore exceeded US$215 million in 2024, with a new ambition to grow the partnership into a billion dollar trade relationship.
Speaking at the opening of the 8th Africa Singapore Business Forum in Singapore on Tuesday, he reaffirmed Ghana’s readiness to deepen ties with Asia and expand trade.
“Ghana-Singapore trade has now surpassed US$215 million in 2024,” President Mahama told an audience of government officials and business leaders. “Meanwhile, Africa-Singapore trade grew by nearly 50% between 2020 and 2024 to reach almost US$14 billion, with West Africa contributing more than half of that.”
He stressed that these figures highlight the vast potential of stronger partnerships.
“As President of Ghana and as an African leader, my message is simple: Africa is investable, and Ghana is your most reliable gateway to the continent. Africa is the world’s most dynamic emerging market,” he said.
Mahama described Africa as a young, urbanising, and digitally connected continent with a population of 1.4 billion people, projected to host more than 700 million consumers in its cities by 2030. He also pointed to the African Continental Free Trade Area (AfCFTA), which has created a US$3.4 trillion market by lowering trade barriers across supply chains.
He noted Africa’s unique strengths vast renewable energy potential, global leadership in mobile money and fintech and emphasised the need for affordable financing. “Africa faces an annual financing gap of about US$1.3 trillion, with infrastructure needs alone estimated at US$181–221 billion per year and climate finance requiring around US$213 billion annually,” he said.
As AU Champion on Financial Institutions, he highlighted initiatives such as accelerating the establishment of the African Monetary Institute, laying the foundation for an African Central Bank, and linking major stock exchanges through the African Exchanges Linkage Project to boost liquidity.
Turning to Ghana, President Mahama presented the country as a stable and trusted platform for investment. “As host of the AfCFTA Secretariat, Ghana lies at the heart of the US$3.4 trillion single market. Through ECOWAS, we connect you to more than 400 million consumers in West Africa,” he said. He added that Ghana offers political stability, a rules-based business environment, a double taxation agreement with Singapore since 2019, and more than US$2 billion in cumulative investments from 69 Singaporean companies.
He outlined Ghana’s ongoing economic reset stabilising the macroeconomy, restoring confidence, and reforming the investment climate. Inflation is easing, the cedi has stabilised, and ratings outlooks are improving. He also revealed ongoing reforms to simplify regulations and review the Investment Promotion Act, including scrapping minimum capital requirements for foreign investors.
Mahama then unveiled Ghana’s 24-Hour Economy strategy, anchored on productivity, exports, and job creation. “Our economic model is simple: Ghana is open for business 24 hours a day,” he declared.
He spotlighted the Volta Economic Corridor as Ghana’s most ambitious integrated development project yet, structured around:
- Grow24: irrigating over 2 million hectares for year-round farming.
- Make24: agro-industrial parks for textiles, pharmaceuticals, and food processing.
- Show24: tourism and hospitality centred around Lake Volta.
- Connect24: transforming Lake Volta into an inland transport hub to reduce logistics costs and connect farms, factories, and markets.
Other catalytic projects include the Legon Pharmaceutical Innovation Park, the Kumasi Machinery and Technology Park, the Akosombo-Juapong Garments and Textiles Park, Digital TVET Centres of Excellence, and renewable energy corridors all supported by the Big Push Infrastructure programme to attract private capital.
He invited Singaporean investors to test Ghana’s readiness during his state visit, particularly at the Presidential Business Roundtable. “Join us. We will present bankable projects, connect you directly with regulators, outline investor incentives, and provide a one-stop concierge for quick decision-making,” he assured.
Concluding his address, President Mahama delivered a clear pitch:
“Ghana offers stability, reforms, and scale anchored in AfCFTA, powered by a 24 Hour Economy, and backed by a pipeline of investable projects in agribusiness, logistics, energy, manufacturing, digital innovation, and tourism. We are your trusted partner for long term, predictable, and mutually beneficial growth.”
stay tuned for more.
