Accra: President John Dramani Mahama has extended a special invitation to Singaporean business leaders and investors, reiterating that Ghana is open for business. The President made this announcement during his address at the Eighth Africa-Singapore Business Forum, held in Singapore City, under the theme: 'Bridging Capabilities, Charting Sustainable Growth'.
According to Ghana News Agency, President Mahama highlighted Ghana's strategic position through the Economic Community of West African States (ECOWAS), which can connect businesses and investors to over 400 million consumers in West Africa. He emphasized Ghana's political stability, a rules-based environment, and a double taxation agreement with Singapore, effective since 2019. He noted that 69 Singaporean companies have already registered in Ghana, with cumulative investments exceeding $2 billion, positioning Ghana as a trusted entry point to scale across the continent.
President Mahama stated, "We know credibility is earned. We are pursuing a deliberate national reset: stabilizing the macroeconomy, restoring confidence and reforming how we do business. Inflation is easing, the cedi has stabilized, and ratings outlooks are improving." He also discussed efforts to simplify regulations through Business Regulatory Reforms and a review of the Investment Promotion Act, including the removal of minimum capital thresholds for foreign investors, to make it easier for partnerships through joint ventures or wholly-owned investments.
He introduced the Ghana Investment Promotion Centre's sector-specific, region-by-region opportunity maps to aid investors in making informed decisions. "Our economic strategy is anchored in productivity, exports, and jobs. We call it the 24-Hour Economy for a reason. Ghana is open for business 24 hours a day," he said, emphasizing the alignment of infrastructure, incentives, and skills to support round-the-clock operations in factories, farms, ports, and service centers.
At the core of this strategy is the Volta Economic Corridor, Ghana's most ambitious integrated development to date. President Mahama outlined its four pillars: Grow24, Make24, Show24, and Connect24, each focusing on agriculture, industrialization, tourism, and transportation to reduce logistics costs and link various sectors.
The government supports these initiatives with catalytic projects such as 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. The Big Push Infrastructure Programme aims to enhance roads, power, and digital connectivity, attracting private capital and unlocking growth potential.
President Mahama proposed five practical pillars for collaboration with Singapore: efficient, green supply chains; agribusiness and food systems; clean energy and carbon markets; digital economy and services; and advanced manufacturing and critical minerals. He highlighted Singapore's world-class logistics and standards, which could reduce Africa's trade costs and improve export competitiveness.
Ghana's partnership with Singapore extends to clean energy, with a signed Article 6 Implementation Agreement in 2024 and the establishment of a Carbon Markets Office and Ghana Carbon Registry. The President invited investments in renewable energy, waste-to-energy, and regenerative agriculture, offering high-integrity credits while delivering jobs and resilience.
In the digital space, President Mahama encouraged Singaporean businesses to collaborate on e-payments, cybersecurity, digital ID, and smart government, creating BPO and shared-service hubs to serve Africa. He also highlighted Ghana's potential in advanced manufacturing and critical minerals, emphasizing value addition at home and world-class standards.
President Mahama acknowledged the role of Enterprise Singapore in building these bridges and facilitating access to Asian markets for Ghanaian firms while supporting Singaporean champions in Ghana. He expressed gratitude for this partnership, emphasizing the potential for scaling successful projects and converting MoUs into operations.
