Mahama Targets $1bn Ghana–Singapore Trade, Unveils Bold Investor Reforms

President John Dramani Mahama has set an ambitious target of boosting Ghana–Singapore trade to US$1 billion, following a sharp rise in bilateral trade which exceeded US$215 million in 2024.

Speaking at the 8th Africa–Singapore Business Forum in Singapore on Tuesday, August 26, 2025, President Mahama said the growth highlighted Ghana’s readiness to deepen its commercial ties with the Asian nation.

He noted that despite global economic uncertainty, overall trade between Africa and Singapore grew by 50 per cent from 2020 to 2024, reaching nearly US$14 billion. Ghana, he stressed, must now “put its readiness to the test” by positioning itself as Singapore’s most reliable partner in West Africa.

To reach the billion-dollar milestone, the President announced a series of reforms and initiatives aimed at attracting investors. These include:

A review of the Investment Promotion Act to remove minimum capital thresholds for foreign investors.

The creation of a one-stop investor concierge to speed up decision-making.

The rollout of Ghana’s 24-Hour Economy strategy, anchored on the Volta Economic Corridor, which focuses on productivity, exports, and job creation.

The 24-Hour Economy rests on four pillars: irrigating two million hectares of farmland, establishing agro-industrial parks, expanding tourism along Lake Volta, and transforming the lake into a cost-effective inland transport hub.

Other flagship projects include the Legon Pharmaceutical Innovation Park, the creation of a Carbon Markets Office and Ghana Carbon Registry, and expanded support for clean energy, advanced manufacturing, and value addition to critical minerals.

President Mahama urged Singaporean and African businesses to expand partnerships in logistics, agribusiness, digital finance, and green supply chains, stressing that such cooperation would create jobs, diversify supply chains, and drive inclusive prosperity.

“Ghana is open for business 24 hours a day. With the right partnerships, we can deliver a pipeline of investable projects that meet the needs of our people and global investors,” he declared.