Ghana-Singapore Trade Crosses $215m, Mahama Eyes Billion-Dollar Growth

President John Dramani Mahama has announced ambitious plans to scale Ghana-Singapore trade into the billion-dollar range, after figures showed bilateral trade reached more than US$215 million in 2024.

Delivering the keynote address at the opening of the 8th Africa–Singapore Business Forum in Singapore on Tuesday, the President said Ghana is ready to deepen economic cooperation with Asia and position itself as a reliable gateway for investors into Africa.

“Ghana-Singapore trade has also grown, reaching over US$215 million in 2024,” he told a gathering of business leaders, investors, and policymakers. “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 stressed that the figures underscore Africa’s potential as an investment destination.

“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,” Mahama said.

President Mahama described Africa as a young, urbanising, and digitally connected population of 1.4 billion people, which by 2030 will include more than 700 million urban consumers. He highlighted the African Continental Free Trade Area (AfCFTA) as a transformative platform that has created a US$3.4 trillion market, lowering barriers across supply chains.

He noted that Africa is already a global leader in mobile money and fintech adoption and possesses vast renewable energy potential.

However, he cautioned that the continent faces a financing gap of US$1.3 trillion annually, with infrastructure needs of up to US$221 billion per year and a climate finance shortfall of US$213 billion annually.

“As AU Champion on Financial Institutions,” he said, “we are building an African financial system that works for Africa—accelerating the African Monetary Institute as a precursor to the African Central Bank and linking ten major stock exchanges through the African Exchanges Linkage Project to enhance liquidity.”

President Mahama positioned Ghana as a stable entry point into Africa, citing its political stability, rules-based environment, and the hosting of the AfCFTA Secretariat. Through ECOWAS, he said, Ghana offers access to over 400 million consumers in West Africa.

He also pointed to the double taxation agreement with Singapore (since 2019) and the presence of 69 registered Singaporean companies with investments exceeding US$2 billion as proof of deepening ties.

“We are pursuing a deliberate national reset: stabilising the macroeconomy, restoring confidence, and reforming how we do business,” he said, noting progress with inflation, the cedi’s stability, and improving ratings outlooks.

Ongoing reforms include a review of Ghana’s Investment Promotion Act, with the removal of minimum capital thresholds for foreign investors to make partnerships easier and faster.

Mahama presented Ghana’s bold new 24-Hour Economy strategy, which aims to drive productivity, exports, and job creation by enabling round-the-clock operations across industries.

He outlined the Volta Economic Corridor as the centrepiece of this transformation:

• Grow24: irrigating over 2 million hectares for year-round agriculture.
• Make24: agro-industrial parks for textiles, pharmaceuticals, and food processing.
• Show24: tourism and hospitality around Lake Volta.
• Connect24: transforming Lake Volta into an inland transport hub to cut logistics costs.

He also highlighted catalytic projects including the Legon Pharmaceutical Innovation Park, Kumasi Machinery and Technology Park, Akosombo-Juapong Garments and Textiles Park, Digital TVET Centres of Excellence, and renewable energy corridors under the Big Push Infrastructure programme.

President Mahama invited Singaporean investors to put Ghana’s readiness to the test during his state visit, which includes a Presidential Business Roundtable on the third day.

“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 said.

He concluded with a direct pitch:

“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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