Ghana and Singapore are poised to embark on a collaborative journey towards mutual prosperity, progress, and transformation. Ghana views Singapore as a source of inspiration, a nation that has defied conventional economic wisdom by achieving remarkable success despite its small population. As Ghana approaches its 70th anniversary in 2027, it aspires to emulate Singapore’s developmental trajectory. This shared vision was underscored at the Ghana-Singapore Business Dialogue 2025 held in Singapore City, themed “Forging Partnerships for Sustainable Economic Growth,” where both nations affirmed their commitment to strengthening economic ties.
Ghanaian Minister of Foreign Affairs, Samuel Okudzeto Ablakwa, highlighted President John Dramani Mahama’s leadership in driving economic reforms and stabilizing the Ghanaian economy. He emphasized the strengthening of the Ghanaian Cedi and the country’s improved economic standing, moving away from “junk status” as recognized by international rating agencies. Ablakwa asserted that Ghana is open for business and committed to honoring existing agreements and contracts, ensuring a stable and predictable investment environment. He also emphasized the government’s focus on empowering Ghanaians to take ownership of their natural resources and negotiating favorable terms for the benefit of the nation.
A key outcome of the dialogue is the commitment to establish a Bilateral Investment Treaty (BIT) between Ghana and Singapore by the end of the year. This agreement is expected to further facilitate investment flows and strengthen economic cooperation. Ghana actively encourages Singaporean businesses to consider Ghana as a prime investment destination, capitalizing on the country’s stable economic environment and growth potential.
To enhance diplomatic and economic ties, President Mahama has directed the establishment of permanent diplomatic missions in both countries. He plans to inaugurate a Ghanaian Consulate in Singapore next year, marking the first physical diplomatic presence in the country. This move underscores the importance Ghana places on its relationship with Singapore and the commitment to fostering closer collaboration.
The focus on economic diplomacy is central to Ghana’s foreign policy objectives. The Ministry of Foreign Affairs is actively working to promote Ghana as a preferred destination for business and investment, facilitating partnerships and creating opportunities for mutual growth. This proactive approach reflects Ghana’s determination to leverage international relationships to drive economic development and achieve its transformative goals.
This renewed partnership between Ghana and Singapore holds significant promise for both nations. Ghana stands to benefit from Singapore’s expertise in areas such as infrastructure development, technology, and sustainable urban planning. Singapore, in turn, can access new markets and investment opportunities in Ghana, a rapidly developing economy with abundant natural resources. The shared commitment to economic growth and development creates a strong foundation for a mutually beneficial and enduring partnership. The establishment of a permanent diplomatic presence and the pursuit of a Bilateral Investment Treaty are concrete steps towards realizing this shared vision of prosperity and progress. By learning from Singapore’s success story, Ghana aims to chart its own path towards transformative growth and establish itself as a key player in the global economy.
