President John Dramani Mahama used the opening of the 8th Africa-Singapore Business Forum on Tuesday to pitch Ghana as a “reliable gateway” to the African Continental Free Trade Area (AfCFTA), calling Africa “investable” and advocating for deeper South-South partnerships in the face of a more fragmented global economy.
“We are here to learn, to partner, and to deliver,” President Mahama said at his first engagement on a three-day state visit to Singapore. “Africa is investable, and Ghana is your reliable gateway to the continent.”
Mahama referred to Africa and Asia as the world’s “two youngest, fastest‑urbanizing regions,” highlighting their complementary resources, markets, and know-how. He emphasized the importance of open markets, trusted rules, and practical partnerships to promote jobs, technology transfer, and shared prosperity.
President Mahama also warned that “the death knell of multilateralism is sounding” as tariffs rise and supply chains remain unstable, claiming that tighter global financial conditions necessitate new partnerships.
He emphasized Africa’s appealing fundamentals, including a young and digitally connected population of 1.4 billion people, a $3.4 trillion single market under the AfCFTA, and leadership in mobile money and fintech adoption.
Trade relations are already deepening. Mahama highlighted that Africa-Singapore commerce increased by over 50% between 2020 and 2024, reaching nearly $14 billion, with West Africa accounting for more than half.
Ghana-Singapore commerce exceeded $215 million in 2024, and 69 Singaporean firms are registered in Ghana, with a total investment of more than $2 billion.
Mahama positioned Ghana as a continental launchpad, citing Accra’s role as host of the AfCFTA Secretariat and the country’s access to more than 400 million customers via ECOWAS.
“Ghana is, therefore, a trusted entry point to scale across the continent,” he added.
He also announced a series of domestic reforms and marquee projects aimed at improving Ghana’s competitiveness and absorbing more capital.
“Ghana is OPEN FOR BUSINESS 24 hours a day,” Mahama stated, defining his national goal to align infrastructure, incentives, and skills so industries, farms, ports, and service centers can operate securely and competitively around the clock.
He also emphasized his four integrated pillars: Grow24 (irrigating over 2 million hectares for year-round farming), Make24 (agro-industrial parks for textiles, pharmaceuticals, and food processing), Show24 (tourism along Lake Volta), and Connect24 (transforming Lake Volta into an inland transportation spine to reduce logistics costs).
Mahama stated that inflation is decreasing, the cedi has stabilized, and ratings outlooks are improving.
The Ghana Investment Promotion Centre now provides sector-specific, region-by-region opportunity maps to help guide decisions using “credible data.”
He envisioned Singapore as a transformative partner for Africa in banking, logistics, and technology.
“Your excellence in project preparation, blended finance, risk management, standards, and dispute resolution is precisely what African projects need to move from pipeline to bankable to build,” he told the gathering, which included Singapore’s Ministers, trade officials, and corporate leaders.
The president also utilized the occasion to advocate for changes to the global financial architecture and to emphasize Africa’s own integration initiatives. As the African Union Champion on Financial Institutions, he projected an annual African financial gap of nearly $1.3 trillion, infrastructure needs of $181-221 billion per year through 2030, and a climate-finance shortfall of almost $213 billion yearly.
Mahama summed up Ghana’s proposal for investors as “a stable, reform‑minded country, connected to the AfCFTA, designed for scale,” which includes “a pipeline of investable projects in agribusiness, logistics, manufacturing, energy, digital, and tourism” as well as “a partner that values integrity, predictability, and long‑term relationships.”
Source: newsthemegh.com