Ghana is seeking to scale up bilateral trade with Singapore to US$1 billion, following a record trade volume of US$215 million in 2024.
President John Dramani Mahama announced the new target at the 8th Africa–Singapore Business Forum in Singapore on Tuesday, August 26, 2025. He emphasized that the milestone reflects Ghana’s readiness to position itself as Singapore’s most reliable partner in West Africa.
Africa–Singapore Trade Growth
According to President Mahama, overall trade between Africa and Singapore grew by 50 percent between 2020 and 2024, reaching nearly US$14 billion despite global economic challenges. Ghana’s rapid growth within this framework, he said, makes the country an attractive gateway for Singaporean investments.
Strategic Reforms to Attract Investors
To achieve the US$1 billion goal, President Mahama unveiled a series of reforms and flagship projects:
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Review of the Ghana Investment Promotion Act – to remove minimum capital thresholds for foreign investors.
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Investor Concierge Service – a one-stop system designed to fast-track business decisions.
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24-Hour Economy Strategy – anchored on productivity, exports, and job creation through the Volta Economic Corridor.
The Four Pillars of the 24-Hour Economy
The President outlined four major pillars of the initiative:
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Irrigating two million hectares of farmland.
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Establishing agro-industrial parks.
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Expanding tourism infrastructure along Lake Volta.
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Transforming Lake Volta into a low-cost inland transport hub.
“We will showcase bankable projects, provide direct access to regulators, outline incentives for strategic investors, and ensure a seamless process for decision-making,” President Mahama assured business leaders at the forum.
New Investment Opportunities
The government is also advancing major projects, including the Legon Pharmaceutical Innovation Park, the creation of a Carbon Markets Office, and the establishment of a Ghana Carbon Registry. Additionally, new opportunities are being opened in clean energy, advanced manufacturing, and value addition to critical minerals.
Strengthening Partnerships
President Mahama urged Singaporean and African businesses to deepen collaboration in logistics, agribusiness, digital finance, and green supply chains, stressing that such partnerships will:
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Create jobs for Ghana’s youth.
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Diversify regional supply chains.
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Support long-term sustainable growth.
“Ghana is open for business 24 hours a day. With the right partnerships, we can deliver a pipeline of investable projects that meet both local needs and global investor expectations,” he declared.
Source: My News Ghana
