Africa investable, Ghana is your gateway – Mahama courts Singapore investors
By Praisebell Rosemond Larbi
Trade between Ghana and Singapore reached over USD215 million in 2024, with President John Dramani Mahama setting his sights on scaling that figure into the billions.
Speaking at the opening of the 8th Africa–Singapore Business Forum in Singapore on Tuesday, 26 August 2025, President Mahama said Ghana was positioning itself as a reliable gateway for Asian businesses seeking entry into Africa.
“Ghana–Singapore trade has grown significantly, hitting over USD215 million in 2024. Africa–Singapore trade overall rose by nearly 50 percent between 2020 and 2024 to close to USD14 billion, with West Africa accounting for more than half,” he said.
President Mahama described the momentum as evidence of untapped opportunities and stressed that Africa was ready for scaled-up investments.
“Our message is simple. Africa is investable, and Ghana is your gateway. The continent is the world’s most dynamic emerging market,” he told government officials and business executives.
Africa’s Expanding Market
President Mahama painted a picture of a continent on the rise. With Africa’s population currently at 1.4 billion and projected to host more than 700 million urban consumers by 2030, he said the region represents a vast and youthful market.
He noted that the African Continental Free Trade Area (AfCFTA), headquartered in Accra, had created a USD3.4 trillion single market. It is now the largest new free trade area in the world by number of participating countries.
“Africa holds vast renewable energy potential and has already become a global leader in mobile money and fintech adoption. This is a market primed for scaled solutions. But to unlock it, we must match opportunity with capital at the right price and instruments,” he stated.
President Mahama, who also serves as the African Union’s Champion on Financial Institutions, highlighted structural hurdles. The continent, he said, faces an annual financing gap estimated at USD1.3 trillion.
Infrastructure needs run between USD181 billion and USD221 billion annually through 2030. Climate finance, meanwhile, requires an additional USD213 billion each year.
Building Financial Infrastructure
The President outlined efforts underway to address these gaps. These include accelerating the establishment of the African Monetary Institute as a precursor to the African Central Bank. He also mentioned linking ten major stock exchanges through the African Exchanges Linkage Project to enhance liquidity.
He said the reforms would strengthen Africa’s ability to mobilise resources internally and reduce reliance on external borrowing.
Ghana as a Stable Platform
Positioning Ghana as a springboard for investors, President Mahama reminded his audience that Accra hosts the AfCFTA Secretariat and serves as a hub for more than 400 million consumers within the ECOWAS sub-region.
He underscored Ghana’s political stability, rules-based environment and favourable investment frameworks, including a double taxation agreement with Singapore signed in 2019.
Already, 69 Singaporean companies are registered in Ghana, with cumulative investments exceeding USD2 billion.
“Ghana is a trusted entry point to scale across the continent,” President Mahama stressed.
Resetting the Economy
On Ghana’s economic outlook, President Mahama pointed to signs of recovery. Inflation is easing, the cedi has stabilised and international ratings outlooks are improving, he said.
He noted that his government is reforming the business climate through initiatives such as simplifying regulations under the Business Regulatory Reforms programme and reviewing the Ghana Investment Promotion Act.
Planned reforms include the removal of minimum capital thresholds for foreign investors. These are designed to make entry easier and faster for strategic partners.
The ‘24-Hour Economy’
President Mahama presented Ghana’s ‘24-Hour Economy’ as the central pillar of his new growth agenda.
“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 remarked.
The model seeks to drive round-the-clock activity across industries, supported by the Volta Economic Corridor, an ambitious integrated development plan.
This initiative, President Mahama explained, encompasses:
Grow24: irrigation of two million hectares for year-round agriculture
Make24: agro-industrial parks for textiles, pharmaceuticals and food processing
Show24: tourism and hospitality hubs around Lake Volta
Connect24: transforming Lake Volta into a cost-efficient inland transport network linking farms, factories and markets
Catalytic Projects
The President also highlighted flagship projects aimed at accelerating industrialisation and improving infrastructure.
These include: the Legon Pharmaceutical Innovation Park; the Kumasi Machinery and Technology Park; the Akosombo and Juapong Garments and Textiles Park; Digital TVET Centres of Excellence; renewable energy corridors.
According to him, these projects will be complemented by the “Big Push Infrastructure” programme to expand roads, power and digital connectivity. This will crowd in private capital and unlock economies of scale.
Invitation to Singapore
President Mahama used the state visit to extend a direct invitation to Singaporean investors to test Ghana’s readiness.
“As part of this visit, we will host a Presidential Business Roundtable. Join us. Bring your teams. We will showcase bankable projects, provide direct access to our regulators, outline incentives for strategic investors and offer a one-stop investor concierge,” he urged.
A Clear Offer
Concluding his speech, President Mahama delivered what he called a straightforward proposition.
“Ghana offers a stable, reform-minded government connected to the AfCFTA, a 24-Hour Economy designed for scale and a pipeline of investable projects in agribusiness, logistics, manufacturing, energy, digital and tourism. We are a partner that values integrity, predictability and long-term relationships,” he added.
