Ghana’s Minister for Foreign Affairs and Regional Integration, Hon. Samuel Okudzeto Ablakwa, has underscored Ghana’s commitment to deepening economic cooperation with Singapore, stressing that the partnership signals a new era of business-led transformation.
He made the remarks while addressing participants at the Ghana-Singapore Business Dialogue, held during President John Dramani Mahama’s historic state visit to Singapore. He described the visit as a turning point in the relationship between the two countries, noting that it was the first time a Ghanaian president had undertaken such a visit..
“To the people of Singapore, this has been a historic week, a historic year. It is the first time in the history of our country that a Ghanaian president has been invited on a state visit to Singapore. We are enormously grateful to you for the warm hospitality we have received”
Hon. Samuel Okudzeto Ablakwa, Minister for Foreign Affairs and Regional Integration
The Minister added that Ghana views Singapore’s remarkable progress as both inspirational and instructive for its own transformation agenda. He observed that despite limited natural resources, Singapore has become a model of resilience, proving that sustainable development is not solely dependent on size or resource endowment.
Hon. Ablakwa credited President Mahama’s leadership for Ghana’s renewed global standing, highlighting significant economic gains under his leadership.
“In President Mahama, we have a nation builder as he has been nicknamed in Ghana. He is leading a raft of reforms and if you have followed our macroeconomic numbers, you will have observed that since he was inaugurated – the Ghanaian economy has stabilized”
Hon. Samuel Okudzeto Ablakwa, Minister for Foreign Affairs and Regional Integration
He pointed to the performance of the Ghanaian cedi, now ranked as the world’s strongest currency, and recent upgrades by credit rating agency Fitch as evidence that Ghana is back on track.
The Minister stressed that Mahama’s policy of honoring existing contracts and avoiding nationalization has reassured investors about the security of doing business in the country.
New Investment Prospects
A major announcement from the dialogue was Ghana’s intention to conclude a Business Investment Treaty (BIT) with Singapore before the end of 2025.
According to Hon. Ablakwa, the treaty will open doors for greater Singaporean participation in Ghana’s economy while strengthening Ghana’s position as the preferred West African hub for trade and investment.
“We are expecting that we will have more Singaporean businesses look to Ghana,” he said, adding that President Mahama has directed the Ministry of Foreign Affairs to establish a permanent diplomatic presence in Singapore by 2026.
Hon. Ablakwa disclosed that a consulate and consul general will be appointed, while encouraging Singapore to reciprocate with its own mission in Accra. The Foreign Minister cited Enterprise Singapore’s decision to set up its West African headquarters in Ghana as an encouraging sign of investor confidence.
He stressed that Ghana’s diplomats and trade agencies have been mandated to prioritise “economic diplomacy” by facilitating opportunities for businesses on both sides. “That’s what we have been doing at the foreign ministry,” Hon. Ablakwa emphasised.
He added that President Mahama’s direct involvement in business negotiations during the state visit was a deliberate demonstration of his firm belief in trade over aid, as the way forward for any well meaning nation to develop and change its fortunes.
Preparing for 2027
Looking ahead, Hon. Ablakwa pointed to 2027 as a pivotal year when Singapore will chair the ASEAN group and Ghana’s president is expected to chair the African Union. He argued that this alignment creates fresh opportunities for Ghana and Singapore to spearhead intercontinental collaboration.
“One of the things President Mahama is passionate about is the Pan-African payment system,.. working together with the Nexos platform of the Singapore Central Bank – we can quicken the pace of doing business and make it more convenient for our businesses”
Hon. Samuel Okudzeto Ablakwa, Minister for Foreign Affairs and Regional Integration
He expressed confidence that these initiatives would spur job creation and sustainable growth in both countries, serving their citizens and neighbors well.
The Minister also highlighted Ghana’s unique position as host of the African Continental Free Trade Area (AfCFTA) Secretariat. He encouraged Singaporean businesses to take advantage of Ghana’s access to a 1.4 billion-person market with a combined GDP of $3.4 trillion.
“When you invest in Ghana, you know that you are not only investing in a country that has 33 million people, you are investing in a neighborhood of 400 million West Africans, and also in a continental market of 1.4 billion people”
Hon. Samuel Okudzeto Ablakwa, Minister for Foreign Affairs and Regional Integration
He further underscored Ghana’s longstanding and stable democracy, independent judiciary, and adherence to the rule of law as further guarantees for foreign investors who venture into the country to do business.
The dialogue itself exceeded expectations, with attendance surpassing capacity and demonstrating heightened interest in Ghana’s new trajectory. Hon. Ablakwa thanked participants for their confidence in Ghana, promising that the government would create an environment conducive to profitable investments.
“We see this belief in Ghana and the potential that we have – it urges us on to do more and to really create that environment that you deserve,” he concluded.
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