Ghana’s economic recovery presents opportunities for Singapore: President Tharman
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President Tharman Shanmugaratnam speaking at a state banquet held for Ghanian President John Dramani Mahama on Aug 27.
ST PHOTO: GAVIN FOO
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SINGAPORE – Singapore itself can reap benefits as it employs its expertise in key sectors to help Ghana recover from a range of economic challenges it has faced in recent years, noted President Tharman Shanmugaratnam.
The western African country has had to deal with not only the Covid-19 pandemic but also commodity price shocks, tighter financial conditions and a significant cutback in development aid.
Mr Tharman told a state banquet held for Ghanaian President John Dramani Mahama on Aug 27 that the country is “converting crisis to opportunity”.
“Macroeconomic stability is steadily being restored – inflation is easing, the cedi (currency) has strengthened, and ratings outlooks are improving,” he added.
“These are encouraging signs, reflecting the firm measures your government has taken to steer the economy towards financial sustainability.”
Ghana is focused on growing its economy and creating jobs, which is creating room for the expertise of Singapore businesses to bring about lasting economic benefits, Mr Tharman said.
One area is the agri-industrial sector, where local firms can bring their experience in food processing, logistics and supply chain management to help Ghana’s farmers reap greater profits.
Initiatives could include providing better cold-chain solutions for transporting perishable goods like fruits and vegetables.
Carbon markets are another opportunity. Singapore and Ghana signed an agreement to cooperate on carbon credits
Ghana’s President John Dramani Mahama and PM Lawrence Wong looking on as their foreign ministers Samuel Okudzeto Ablakwa and Vivian Balakrishnan exchange a memorandum of understanding on bilateral consultations on Aug 27.
PHOTO: LIANHE ZAOBAO
He added that the countries can also collaborate in the ports and logistics sector. Ghana is working on expanding its largest port, with the aim of tripling its capacity and accommodating some of the world’s largest ships.
“Singapore is glad to share our experience and expertise in port management and logistics – from automation to advanced port technologies – to help raise efficiency, strengthen connectivity, and create good job opportunities,” Mr Tharman said.
He also noted that people-to-people ties between Ghana and Singapore are growing steadily, with nationals enjoying visa-free entry to each other’s countries.
More than 800 Ghanaian officials have also trained in Singapore in fields ranging from economic development to civil aviation.
Beyond economics, ties between Singapore and Ghana are being strengthened by a common commitment to multilateralism and a rules-based international order, Mr Mahama said.
“We welcome more Singaporean companies to choose Ghana as their home and their hub in West Africa, and we look forward to Ghanaian firms partnering here in Singapore, learning, investing and building value together,” he added.
Mr Mahama, who was sworn in for his second term as president earlier in 2025, is on an inaugural state visit to Singapore that began on Aug 26.
Earlier on Aug 27, Singapore and Ghana signed two agreements aimed at deepening the political and business links between the two nations.
The memorandums of understanding centre on bilateral consultations and capacity building.
Mr Mahama also had a new orchid hybrid named in his honour and received a ceremonial welcome at the Ministry of Foreign Affairs.
A new orchid hybrid was named in honour of Ghanian President John Dramani Mahama (second from right). With him are Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow (centre) and Singapore Botanic Gardens group director Tan Puay Yok (right).
PHOTO: NPARKS
He then called on President Tharman, and they discussed areas for stronger collaboration in fields such as bilateral investments, sustainable development, agri-business and financial innovations like fintech and cross-border payments.
Cooperation in capacity building, and finding opportunities to expand two-way trade and investment flows took centre stage when Mr Mahama had a separate meeting with Prime Minister Lawrence Wong.
They also discussed fast-tracking ongoing negotiations for a bilateral investment treaty that will give Singapore businesses enhanced protection on top of that accorded under local laws.
Prime Minister Lawrence Wong meeting Ghanian President John Dramani Mahama at the Ministry of Foreign Affairs on Aug 27.
PHOTO: LIANHE ZAOBAO
Mr Mahama called for more investments into Africa
He also visited the Singapore Institute of Technology and Biopolis on Aug 26, allowing him to assess local experiences in higher education, and public- and private-sector collaboration in the life sciences and biotechnology sectors.
Mr Mahama will participate in a Singapore Business Federation roundtable with local companies interested in investing in Ghana before wrapping up his trip on Aug 28.
The visit comes as trade between Singapore and Africa has grown. Bilateral trade with the continent increased from $12.1 billion in 2020 to $18.7 billion in 2024, according to Enterprise Singapore.
Trade with Ghana stood at more than US$215 million (S$277 million) in 2024. The country has 69 registered Singapore companies with cumulative investments of more than US$2 billion.
Singapore also has bilateral investment treaties with seven other African nations, with deals with Nigeria and Cote d’Ivoire coming into force earlier in August.
