President John Dramani Mahama has revealed that trade between Ghana and Singapore reached over US$215 million in 2024, and he is now targeting billion-dollar growth.
“Ghana-Singapore trade has also grown, reaching over US$215 million in 2024,” he told the gathering of government leaders and business executives.
“Africa-Singapore trade rose by about 50 per cent between 2020 and 2024 to nearly US$14 billion, with West Africa accounting for more than half of that.”
He said the numbers reflect the potential of stronger partnerships.
President Mahama described Africa as a young and expanding market. “We are 1.4 billion people today—young, fast-urbanising, digitally connected—and by 2030, Africa’s cities will host more than 700 million consumers.
“The African Continental Free Trade Area is the largest new free trade area in the world by number of countries, and this has created a $3.4 trillion market and lowered barriers across supply chains.”
He argued that the continent offers resources and innovation but still faces financing hurdles.
As African Union Champion on Financial Institutions, Mahama outlined the challenges.
“Africa faces an annual financing gap estimated at $1.3 trillion. Infrastructure needs alone run between $181 and $221 billion per year through 2030, and the climate finance gap is about $213 billion annually.
“We are taking steps to build an African financial system that works for Africa; accelerate the African Monetary Institute as a precursor to the African Central Bank, and link ten major stock exchanges through the African Exchanges Linkage Project to enhance liquidity.”
“We offer political stability, a rules-based environment, a double taxation agreement with Singapore in force since 2019, and a growing base of Singaporean investors—69 companies registered with cumulative investments exceeding US$2 billion. Ghana is, therefore, a trusted entry point to scale across the continent.”
President Mahama said Ghana is reforming its business climate. “We are pursuing a deliberate national reset: stabilising the macroeconomy, restoring confidence and reforming how we do business. Inflation is easing, the cedi has stabilised, and ratings outlooks are improving.
“We are simplifying regulations through our Business Regulatory Reforms, and we are reviewing our Investment Promotion Act—including the removal of minimum capital thresholds for foreign investors—to make it easier and faster to partner, whether through joint ventures or wholly-owned investments.”
President Mahama detailed the ambition behind the Volta Economic Corridor. “We are aligning infrastructure, incentives, and skills so factories, farms, ports, and service centres can operate round-the-clock shifts safely and competitively.
“At the core of this is the Volta Economic Corridor—our most ambitious integrated development to date. Grow24: irrigating more than two million hectares for year-round farming.
“Make24: agro-industrial parks for textiles, pharmaceuticals and food processing.
“Connect24: transforming Lake Volta into a cost-efficient inland transport spine, reducing logistics costs and linking farms, factories and markets.”
He also listed catalytic projects in health, energy and industry.
“We are complementing this with catalytic projects—the Legon Pharmaceutical Innovation Park, the Kumasi Machinery and Technology Park, the Akosombo-Juapong Garments and Textiles Park, Digital TVET Centres of Excellence, and renewable energy corridors. Our Big Push Infrastructure programme will accelerate roads, power and digital connectivity to crowd-in private capital and unlock scale.”
“On day three of this State Visit, as part of the Africa Forum, we will host a Presidential Business Roundtable. Join us. Bring your teams.
“Put Ghana’s readiness to the test. We will showcase bankable projects, provide direct access to our regulators, outline incentives for strategic investors and offer a one-stop investor concierge so decisions can be made quickly and confidently.”
He concluded with a clear offer to partners.