President John Dramani Mahama has urged Singaporean businesses to seize Africa’s economic transformation by using Ghana as their “reliable gateway” to the continent.
Speaking at the opening of the 8th Africa–Singapore Business Forum on Tuesday, as part of a three-day state visit to Singapore, President Mahama described Africa as “investable” and called for deeper Africa–Asia partnerships amid mounting global economic fragmentation.
“We are here to learn, to partner, and to deliver. Africa is investable, and Ghana is your reliable gateway to the continent,” he said.
Africa’s Fundamentals
Mahama highlighted Africa’s compelling fundamentals:
A 1.4 billion-strong, young, digitally connected population.
A $3.4 trillion single market under the AfCFTA.
Global leadership in mobile money and fintech adoption.
He warned, however, that rising tariffs and fragile supply chains signaled “the death knell of multilateralism,” stressing the need for new alliances and practical partnerships.
Ghana as a Launchpad
Positioning Ghana as a continental launchpad, the President pointed to:
Accra’s role as host of the AfCFTA Secretariat.
Access to 400 million consumers through ECOWAS.
A proven track record of attracting investors — with 69 Singaporean firms in Ghana and cumulative investments exceeding $2 billion.
Trade between Africa and Singapore has surged nearly 50% since 2020 to almost $14 billion, with West Africa accounting for more than half. Ghana–Singapore trade alone reached $215 million in 2024.
Ghana’s Competitiveness Agenda
Mahama outlined a new national competitiveness strategy under the banner “Ghana OPEN FOR BUSINESS 24 hours a day”, designed to align infrastructure, incentives and skills for continuous productivity across industry, agriculture and services.
He unveiled four integrated pillars:
Grow24 – irrigating 2 million hectares for year-round farming.
Make24 – agro-industrial parks for textiles, pharmaceuticals and food processing.
Show24 – developing tourism along Lake Volta.
Connect24 – transforming Lake Volta into a low-cost inland transport hub.
Mahama noted that inflation is easing, the cedi has stabilised, and ratings outlooks are improving, while the Ghana Investment Promotion Centre is offering sector-specific investment maps backed by credible data.
Singapore as a Strategic Partner
Casting Singapore as a catalytic partner, Mahama praised its excellence in project preparation, blended finance, risk management, standards and dispute resolution — “precisely what African projects need to move from pipeline to bankable to build.”
Financing Africa’s Growth
As the African Union Champion on Financial Institutions, Mahama underscored Africa’s annual financing gap of $1.3 trillion, including infrastructure needs of up to $221 billion annually through 2030 and a climate-finance shortfall of $213 billion per year.
He called for reforms to the global financial architecture and greater support for Africa’s homegrown integration efforts.
Ghana’s Investment Offer
Mahama concluded with a clear pitch:
“Ghana is a stable, reform-minded country, connected to the AfCFTA, designed for scale. We offer a pipeline of investable projects in agribusiness, logistics, manufacturing, energy, digital and tourism — and a partnership built on integrity, predictability and long-term relationships.”
