At the opening of the 8th Africa–Singapore Business Forum on Tuesday, President John Dramani Mahama pitched Ghana as a strategic entry point to the African Continental Free Trade Area (AfCFTA), describing Africa as “investable” and calling for stronger South–South collaboration in an increasingly fragmented global landscape.
“We are here to learn, to partner, and to deliver,” Mahama declared at the start of his three-day state visit to Singapore. “Africa is investable, and Ghana is your reliable gateway to the continent.”
Highlighting the demographic and economic dynamism of Africa and Asia, Mahama described both regions as “the world’s two youngest, fastest‑urbanising,” and emphasized their complementary strengths in resources, markets, and expertise. He urged both continents to become “champions of open markets, trusted rules and practical partnerships that deliver jobs, technology transfer and shared prosperity.”
Mahama cautioned that global cooperation is under threat, noting that “the death knell of multilateralism is sounding” amid rising tariffs and fragile supply chains. He argued that tighter financial conditions worldwide necessitate new alliances.
Despite these challenges, Mahama underscored Africa’s strong fundamentals: a digitally connected population of 1.4 billion, a $3.4 trillion unified market under AfCFTA, and global leadership in mobile money and fintech innovation.
Trade between Africa and Singapore is already on the rise. Mahama reported a nearly 50% increase from 2020 to 2024, reaching close to $14 billion, with West Africa contributing over half. Ghana–Singapore trade alone surpassed $215 million in 2024, and 69 Singaporean firms have invested over $2 billion in Ghana.
Positioning Ghana as a launchpad for continental expansion, Mahama cited Accra’s hosting of the AfCFTA Secretariat and Ghana’s access to over 400 million consumers via ECOWAS. “Ghana is, therefore, a trusted entry point to scale across the continent,” he said.
He also unveiled a suite of domestic reforms and flagship initiatives aimed at boosting Ghana’s competitiveness and attracting investment.
“Ghana is OPEN FOR BUSINESS 24 hours a day,” Mahama announced, outlining the 24-hour national strategy which will synchronize infrastructure, incentives, and workforce development so that farms, factories, ports, and service hubs can operate safely and efficiently around the clock.
He introduced four key pillars of the 24-hour economy:
– Grow24: Irrigating over 2 million hectares for year-round agriculture
– Make24: Establishing agro-industrial parks for textiles, pharmaceuticals, and food processing
– Show24: Promoting tourism along Lake Volta
– Connect24: Transforming Lake Volta into an inland logistics corridor to reduce transport costs
President Mahama noted signs of economic recovery, including easing inflation, a stabilizing cedi, and improved ratings outlooks. He highlighted the Ghana Investment Promotion Centre’s sector specific opportunity maps, designed to guide investors with “credible data.”
Calling Singapore a vital partner in Africa’s development, Mahama praised its strengths in finance, 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 audience, which included Singaporean ministers, trade officials, and business leaders.
He also used the forum to advocate for reforms to the global financial system and spotlight Africa’s own integration efforts. As the African Union’s Champion on Financial Institutions, Mahama cited a $1.3 trillion annual financing gap, infrastructure needs of $181–$221 billion per year through 2030, and a climate finance shortfall of roughly $213 billion annually.
Mahama described the Ghana as “a stable, reform‑minded country, connected to the AfCFTA, designed for scale,” offering “a pipeline of investable projects in agribusiness, logistics, manufacturing, energy, digital and tourism” and “a partner that values integrity, predictability and long‑term relationships.’
