President John Dramani Mahama has announced that trade between Ghana and Singapore exceeded US$215 million in 2024, and he is now aiming to push that figure into the billions.
Speaking at the opening ceremony of the 8th Africa–Singapore Business Forum in Singapore on Tuesday, President Mahama emphasized Ghana’s readiness to strengthen its economic relationship with Asia and expand commercial exchanges.
“Ghana-Singapore trade has also grown, reaching over US$215 million in 2024,” he told the gathering of government leaders and business executives.
“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.”
He noted that trade between Africa and Singapore surged by nearly 50 percent from 2020 to 2024, reaching close to US$14 billion—with West Africa contributing more than half of that total.
“These figures underscore the promise of deeper collaboration,” he said. “I speak today as an African leader and as President of Ghana. Our message is simple: Africa is investable, and Ghana is your reliable gateway to the continent. The continent is the world’s most dynamic emerging market.”
President Mahama described Africa as a youthful and rapidly growing region. “We are 1.4 billion people today—young, fast-urbanising, digitally connected—and by 2030, Africa’s cities will host more than 700 million consumers.
“The African Continental Free Trade Area is the largest new free trade area in the world by number of countries, and this has created a $3.4 trillion market and lowered barriers across supply chains.”
He stressed that while Africa offers abundant resources and innovation, it continues to face significant financing challenges.
“Africa holds vast renewable energy potential and is already a global leader in mobile money and fintech adoption. This is a market ready for scaled solutions. Yet this opportunity must be matched with capital at the right price and with the right instruments.”
As the African Union’s Champion on Financial Institutions, Mahama outlined the continent’s financial shortfalls.
“Africa faces an annual financing gap estimated at $1.3 trillion. Infrastructure needs alone run between $181 and $221 billion per year through 2030, and the climate finance gap is about $213 billion annually.
“We are taking steps to build an African financial system that works for Africa; accelerate the African Monetary Institute as a precursor to the African Central Bank, and link ten major stock exchanges through the African Exchanges Linkage Project to enhance liquidity.”
He positioned Ghana as a dependable base for investment. “As host of the African Continental Free Trade Area Secretariat, Ghana sits 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.
“We offer political stability, a rules-based environment, a double taxation agreement with Singapore in force since 2019, and a growing base of Singaporean investors—69 companies registered with cumulative investments exceeding US$2 billion. Ghana is, therefore, a trusted entry point to scale across the continent.”
President Mahama said Ghana is undergoing economic reforms. “We are pursuing a deliberate national reset: stabilising the macroeconomy, restoring confidence and reforming how we do business. Inflation is easing, the cedi has stabilised, and ratings outlooks are improving.
“We are simplifying regulations through our Business Regulatory Reforms, and we are reviewing our Investment Promotion Act—including the removal of minimum capital thresholds for foreign investors—to make it easier and faster to partner, whether through joint ventures or wholly-owned investments.”
He introduced Ghana’s “24-Hour Economy” as a transformative national strategy. “Our economic strategy is anchored in productivity, exports and jobs. We call it the 24-Hour Economy—for a reason. Ghana is OPEN FOR BUSINESS 24 hours a day.”
President Mahama elaborated on the Volta Economic Corridor, describing it as Ghana’s most ambitious integrated development initiative.
“We are aligning infrastructure, incentives, and skills so factories, farms, ports, and service centres can operate round-the-clock shifts safely and competitively.
“At the core of this is the Volta Economic Corridor—our most ambitious integrated development to date. Grow24: irrigating more than two million hectares for year-round farming.
“Make24: agro-industrial parks for textiles, pharmaceuticals and food processing.
“Show24: tourism and hospitality along one of the world’s great inland lakes.
“Connect24: transforming Lake Volta into a cost-efficient inland transport spine, reducing logistics costs and linking farms, factories and markets.”
He also highlighted key projects in health, energy and manufacturing.
“We are complementing this with catalytic projects—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. Our Big Push Infrastructure programme will accelerate roads, power and digital connectivity to crowd-in private capital and unlock scale.”
President Mahama invited Singaporean investors to engage directly with Ghana’s investment ecosystem during his state visit.
“On day three of this State Visit, as part of the Africa Forum, we will host a Presidential Business Roundtable. Join us. Bring your teams.
“Put Ghana’s readiness to the test. We will showcase bankable projects, provide direct access to our regulators, outline incentives for strategic investors and offer a one-stop investor concierge so decisions can be made quickly and confidently.”
He concluded with a clear value proposition.
“Our proposition is straightforward: a stable, reform-minded country, connected to the 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; a partner that values integrity, predictability and long-term relationships.”
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