Ghana has secured a landmark US$1 billion worth of investment deals during President John Dramani Mahama’s historic State Visit to Singapore, the first ever by a Ghanaian Head of State.
The visit, which Foreign Affairs Minister Samuel Okudzeto Ablakwa described as both “historic and profoundly impactful,” is being celebrated as a major breakthrough for President Mahama’s Reset Agenda aimed at reviving the Ghanaian economy.
The agreements span critical sectors including agribusiness, hospitality, infrastructure, transport, education, technology, and trade facilitation, underscoring the broad scope of Ghana’s new partnership with Singapore.
Among the flagship projects is OLAM’s commitment to inject US$200 million into new ventures in Ghana. These include a 43,000-metric-ton pasta processing plant expected to open next year, as well as feed processing facilities for poultry and aquaculture. The initiative is projected to create approximately 4,000 jobs, a major boost to Ghana’s employment drive.
In the hospitality sector, Shangri-La has pledged to construct a US$300 million green, ultra-modern 5-Star Hotel in Accra. The facility will feature a grand mall showcasing both local and international brands, and a convention centre designed to position Ghana as the conference hub of West Africa. The project is expected to attract global business tourism while also bolstering Ghana’s service industry.
Other investments include the construction of a 10,000-capacity student hostel for the University of Ghana, a project expected to ease the perennial accommodation deficit on the Legon campus.
Airport and Port Investment
The Kotoka International Airport will also benefit from an enhanced security and scanning system that aligns with international standards, intended to strengthen the country’s ability to combat smuggling and drug trafficking.
Port infrastructure is another focal point of the deals. Agreements were reached on the expansion of the Tema Port and the revival of the Tema dry dock, both seen as critical to boosting Ghana’s trade capacity. In addition, a new jetty for oil ships will be constructed, enhancing Ghana’s petroleum logistics and offshore operations.
In the transport sector, Ghana will collaborate with Singapore’s Land Transport Authority to establish testing laboratories across the country. These labs will be tasked with ensuring that only certified quality materials are used in road construction projects, a move designed to address Ghana’s long-standing problem with poor road durability.
Financial cooperation, Educational and Skills Training
Financial cooperation also featured prominently. The Bank of Ghana and the Monetary Authority of Singapore will work together to launch a common payment platform aimed at strengthening trade and commerce between Africa and Asia. This initiative is expected to lower transaction costs and enhance financial flows across the two continents.
On education and skills training, Ghana will partner with the Singapore Institute of Technology to establish a model Accra Institute of Technology under a Technical and Vocational Education and Training (TVET) framework. This project aligns with the government’s focus on equipping young Ghanaians with employable skills relevant to a modern economy.
Environmental sustainability was also addressed through the execution of projects under a bilateral Carbon Credit Agreement, further strengthening Ghana’s commitment to global climate targets.
According to Hon. Ablakwa, beyond the investment packages, the two countries signed a Memorandum of Understanding for regular high-level political consultations and agreed to finalize negotiations on a Bilateral Investment Treaty (BIT) to provide a stronger legal framework for protecting investments.
Additionally, Ghana secured support from Singapore for the Operation Recover All Loots (ORAL) through capacity building programmes for forensic investigators.
In a bid to transform Ghana’s public service, Hon. Ablakwa disclosed that the government has launched a new initiative under which 18 Chief Directors of Ministries will travel to Singapore in September 2025 for an intensive leadership and knowledge-sharing bootcamp. The initiative is expected to enhance professionalism, efficiency, and innovation in public administration.
“President Mahama announced that Ghana is set to establish a Consulate in Singapore by 2026. Singapore has already opened Enterprise Singapore in Accra to oversee its West African investment portfolio.
“As President Tharman Shanmugaratnam of Singapore indicated, “President Mahama is a man on a mission. He is determined to see his country and its young population succeed”.
Ghana’s Foreign Affairs Minister Samuel Okudzeto Ablakwa
Ghana’s Foreign Minister Samuel Okudzeto Ablakwa noted that the renewed partnership is not only strategic but symbolic.
He highlighted the historic friendship between Ghana’s first President, Kwame Nkrumah, and Singapore’s founding leader, Lee Kuan Yew, who were known for their frequent exchanges of ideas. “Our two modern founding fathers… will be exceedingly ecstatic with the rekindling of high-level impactful Ghana-Singapore relations,” he reflected.
He stressed that the government remains committed to ensuring that Ghana’s approach to diplomacy consistently delivers tangible results. “We shall continue to make sure our approach to diplomacy delivers the transformation and reset Ghanaians voted for, overwhelmingly,” he affirmed.
For many, the US$1 billion package represents a significant endorsement of Ghana’s economic reset under President Mahama and a signal of growing investor confidence in the country.
The challenge ahead lies in ensuring that the promised projects are implemented effectively, with lasting benefits for Ghana’s people and economy.
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