President Mahama Targets Billion-dollar Ghana–Singapore Trade in 24-Hour Economy Pitch to Investors
President John Dramani Mahama has announced that trade between Ghana and Singapore surpassed US$215 million in 2024, with his administration now aiming for billion-dollar growth in the coming years.
Speaking at the opening of the 8th Africa–Singapore Business Forum in Singapore on Tuesday, the President urged Asian investors to scale up engagement with Ghana and Africa, describing the continent as “the world’s most dynamic emerging market.”
“Ghana-Singapore trade has also grown, reaching over US$215 million in 2024,” he told government and business leaders. “Africa-Singapore trade rose by about 50 per cent between 2020 and 2024 to nearly US$14 billion, with West Africa accounting for more than half of that.”
President Mahama emphasised Ghana’s role as a stable entry point into the US$3.4 trillion African Continental Free Trade Area (AfCFTA) market, highlighting political stability, a rules-based environment, and an existing double taxation agreement with Singapore. He noted that 69 Singaporean companies have already invested more than US$2 billion in Ghana.
Outlining reforms to improve the business climate, the President said his administration is pursuing macroeconomic stabilisation, regulatory simplification, and revisions to the Investment Promotion Act, including the planned removal of minimum capital thresholds for foreign investors.
He also touted Ghana’s flagship “24-Hour Economy” strategy, aimed at boosting productivity and exports through round-the-clock operations in agriculture, manufacturing and services. Central to the plan is the Volta Economic Corridor, which integrates year-round irrigation, agro-industrial parks, tourism development, and inland transport on Lake Volta.
Catalytic projects such as the Legon Pharmaceutical Innovation Park, the Kumasi Machinery and Technology Park, and renewable energy corridors are expected to anchor the strategy.
“Our Big Push Infrastructure programme will accelerate roads, power and digital connectivity to crowd-in private capital and unlock scale,” he said.
President Mahama further highlighted Africa’s financing gaps, pointing to an estimated US$1.3 trillion annual shortfall, including climate finance needs of about US$213 billion. As AU Champion on Financial Institutions, he stressed efforts to strengthen continental financial systems, including plans for an African Central Bank and integration of stock exchanges.
Inviting Singaporean investors to test Ghana’s readiness, the President announced a Presidential Business Roundtable during his state visit.
“We will showcase bankable projects, provide direct access to regulators, outline incentives for strategic investors, and offer a one-stop investor concierge,” he assured.
“Our proposition is straightforward, a stable, reform-minded country, connected to AfCFTA, designed for scale; a 24-Hour Economy that matches your need for speed, reliability and standards; a pipeline of investable projects in agribusiness, logistics, manufacturing, energy, digital and tourism,” he concluded.
