President John Dramani Mahama’s address at the 8th Africa-Singapore Business Forum in Singapore on August 26, 2025, signaled a new era of ambitious economic cooperation between Ghana and Singapore. President Mahama set a bold target of achieving US$1 billion in bilateral trade, a significant leap from the US$215 million recorded in 2024. This ambitious goal reflects Ghana’s commitment to deepening its commercial ties with Singapore and leveraging the growing trade momentum between Africa and Asia. He highlighted the remarkable 50% expansion in Africa-Singapore trade between 2020 and 2024, which reached nearly US$14 billion despite global economic challenges. This positive trend underscored the potential for further growth and partnership, with Ghana aiming to solidify its position as Singapore’s most reliable partner in West Africa.
President Mahama’s vision for achieving the billion-dollar trade target hinges on a series of strategic reforms and investment projects designed to enhance Ghana’s attractiveness to foreign investors. Central to this strategy is the amendment of the Investment Promotion Act, aimed at removing minimum capital requirements for foreign investors, thereby reducing barriers to entry and fostering a more welcoming investment climate. Complementing this legislative reform is the establishment of a dedicated one-stop investor concierge service. This streamlined approach is intended to expedite business decisions and provide investors with a more efficient and user-friendly experience, demonstrating Ghana’s commitment to facilitating foreign investment.
At the heart of Ghana’s economic transformation agenda is the government’s flagship 24-Hour Economy strategy. This comprehensive initiative focuses on boosting productivity, expanding exports, and generating employment opportunities. The strategy is anchored in the development of the Volta Economic Corridor, a region poised for significant economic growth. The 24-Hour Economy strategy rests on four key pillars: irrigating two million hectares of farmland to enhance agricultural output and food security; developing agro-industrial parks to stimulate value addition and create jobs in the agricultural sector; expanding tourism along the scenic Lake Volta to capitalize on its natural beauty and recreational potential; and transforming Lake Volta into a low-cost inland transport hub, facilitating trade and connectivity within Ghana and potentially across the West African region.
The forum provided President Mahama with a platform to showcase Ghana’s investment potential to a global audience of business leaders. He articulated the government’s commitment to providing access to bankable projects, direct engagement with regulators, and attractive incentives for strategic investors. The one-stop investor concierge service was emphasized as a key tool for enabling quick and confident investment decisions, ensuring a smoother and more transparent investment process. This proactive approach demonstrates Ghana’s determination to attract foreign capital and expertise to drive economic growth.
Beyond the 24-Hour Economy initiative, President Mahama highlighted other key projects and policy initiatives aimed at diversifying Ghana’s economy and promoting sustainable development. The Legon Pharmaceutical Innovation Park is positioned as a catalyst for growth in the pharmaceutical sector, fostering research, development, and manufacturing of pharmaceuticals. The creation of a Carbon Markets Office and a Ghana Carbon Registry underscores Ghana’s commitment to addressing climate change and promoting sustainable development. Policies aimed at promoting clean energy and advanced manufacturing, particularly in value addition to critical minerals, further solidify Ghana’s focus on building a resilient and sustainable economy.
President Mahama’s call for broader partnerships between Singaporean and African companies in key sectors like logistics, agribusiness, digital finance, and green supply chains underscores the potential for mutually beneficial collaboration. Such partnerships are expected to generate employment opportunities, diversify supply chains, and contribute to shared prosperity for both regions. His message that “Ghana is open for business 24 hours a day” reinforced the nation’s commitment to attracting foreign investment and fostering a dynamic business environment. By aligning its development agenda with the needs of its people and global investors, Ghana aims to create a pipeline of investable projects that drive sustainable economic growth and create shared value.
