Bilateral trade between Africa and Singapore has grown 50 per cent from $9.2 billion in 2020 to $13.7 billion in 2024, and the value of trade in goods between Singapore and Ghana reached $215.9 million in the same year.
Speaking at the 8th Africa–Singapore Business Forum (ASBF), President John Dramani Mahama presented Ghana as a “reliable gateway” to the African Continental Free Trade Area (AfCFTA), calling Africa “investable” and urging deeper South–South partnerships amid a more fragmented global economy.
“Ghana is open for business 24 hours a day,” he said, describing the national strategy to align infrastructure, incentives and skills so factories, farms, ports and service centres can run round‑the‑clock shifts safely and competitively.
He also touted the four integrated pillars of the strategy — Grow24 (irrigating more than two million hectares for year-round farming), Make24 (agro-industrial parks for textiles, pharmaceuticals, and food processing), Show24 (tourism along Lake Volta), and Connect24 (turning Lake Volta into an inland transport spine to cut logistics costs).
The President also said inflation is easing, the cedi has stabilised, and ratings outlooks are improving.
“The Ghana Investment Promotion Centre now offers sector‑specific, region‑by‑region opportunity maps to guide decisions with ‘credible data’,” he added.
According to the President, the fundamentals in Africa are compelling: a 1.4 billion‑strong population that is young and digitally connected; a $3.4 trillion single market under the AfCFTA; and leadership in mobile money and fintech adoption.
He said trade ties are already deepening, noting that Africa–Singapore trade climbed about 50 per cent between 2020 and 2024 to nearly $14 billion, with West Africa accounting for more than half.
“Ghana–Singapore trade reached more than $215 million in 2024, while 69 Singaporean companies are registered in Ghana with cumulative investments exceeding $2 billion,” he said.
He also pointed to Accra’s role as host of the AfCFTA Secretariat and to the country’s access to more than 400 million consumers through ECOWAS. “Ghana is, therefore, a trusted entry point to scale across the continent,” he said.
President Mahama further outlined a list of domestic reforms and flagship projects intended to sharpen Ghana’s competitiveness and absorb more capital.
The president then used the platform to press for reforms to the global financial architecture and to highlight Africa’s homegrown integration efforts. As the African Union Champion on Financial Institutions, he cited an annual African financing gap of roughly $1.3 trillion, with infrastructure needs of $181–$221 billion per year through 2030 and a climate‑finance shortfall of about $213 billion annually.
President Mahama summed up Ghana’s offer to investors as “a stable, reform‑minded country, connected to the AfCFTA, designed for scale,” with “a pipeline of investable projects in agribusiness, logistics, manufacturing, energy, digital and tourism” and “a partner that values integrity, predictability and long‑term relationships.”
During the Forum, a Memorandum of Understanding (MoU) was signed between EnterpriseSG, organisers of the Forum, and the Ghana Standards Authority to strengthen standardisation cooperation including the adoption of Singapore’s Mass Flow Meter and associated standards in Ghana to enhance transparency in petroleum transactions.
Singapore based climate technology company Arkadiah Technology is partnering with Ghana’s CJ Commodities Limited, its sister company Afarinick Company Limited, and Oman Carbon to launch a large-scale agroforestry project in Ghana. The initiative, which has been accepted under Stage A of the Singapore – Ghana Implementation Agreement, aims to restore degraded landscapes and improve rural livelihoods while generating high integrity carbon credits through nature-based solutions.
Singapore-based Embed Financial Group Holdings also signed an MoU with Ghana’s Purpleline Solutions to deliver digitisation solutions, focusing on transforming insurance processes through technology. The collaboration aims to integrate insurance and micro-financing into digital platforms with local partners, expanding mass market access to protection and financial resources in West Africa.
Another MoU between LAC Global, a Singapore-based health and wellness brand, and Ghana distributor Watertree, will make the Ghana business LAC Global’s exclusive distributor in the country.
The other agreements were on the financial services, sustainability, and consumer sectors, demonstrating growing business partnerships between Singapore and Africa.
The Forum featured a keynote dialogue between CEO of Africa Finance Corporation, Samaila Zubairu, Singapore’s Minister of State for Trade and Industry and National Development Alvin Tan and CEO of Rendeavour Stephen Jennings, moderated by CEO of Gateway Partners Viswanathan Shankar, where they discussed Africa’s expanding business landscape and opportunities for collaboration between Asia and Africa. CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All and Co-Chair of UN-Energy, Damilola Ogunbiyi, also featured on a panel exploring Africa’s pivotal role in the global energy transition.
The Forum is set to run from August 26 – 28, 2025 at the Grand Copthorne Waterfront Hotel, under the theme: “Bridging Capabilities, Charting Sustainable Growth”, and is expected to be attended by over 700 business and government leaders from around 40 countries.
By Emmauel K Dogbevi
Source: ghanabusinessnews.com
