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President John Dramani Mahama has secured US$1 billion worth of investment commitments during his landmark State Visit to Singapore, Foreign Affairs Minister Samuel Okudzeto Ablakwa has announced.
In a statement on Friday, August 29, Ablakwa described the trip as “historic,” noting that Mahama has become the first Ghanaian President to be formally invited on a State Visit by Singapore. He stressed that beyond the ceremonial significance, the visit yielded major economic benefits under the President’s Reset Ghana Agenda.
Among the investments announced, OLAM International has pledged US$200 million for new projects in Ghana, including a 43,000-metric-ton pasta processing plant and feed facilities for poultry and aquaculture. The initiative is expected to generate more than 4,000 jobs. The Shangri-La Group will also invest US$300 million in a new five-star hotel, a grand shopping mall, and a convention centre designed to position Ghana as West Africa’s leading conference destination.
Other projects secured include the construction of a 10,000-capacity student hostel for the University of Ghana, improvements to aviation security at Kotoka International Airport, expansion of Tema Port and revival of the Tema dry dock, as well as a new jetty to boost Ghana’s petroleum logistics. Ghana will also collaborate with Singapore’s Land Transport Authority to establish road material testing laboratories across the country, ensuring quality and durability in road construction.
The visit further produced an agreement between the central banks of both countries to develop a joint payment platform aimed at strengthening Afro-Asian trade, along with a Technical and Vocational Education and Training (TVET) partnership with the Singapore Institute of Technology to establish a model Accra Institute of Technology. Both sides also reaffirmed commitments under the Ghana-Singapore Carbon Credit Agreement, which supports climate action initiatives.
On the diplomatic front, Ghana and Singapore signed a Memorandum of Understanding to conduct regular high-level political consultations and committed to finalising a Bilateral Investment Treaty. Singapore has additionally pledged capacity-building assistance for Ghanaian forensic investigators. As part of public sector reforms, 18 Chief Directors from Ghana’s ministries will travel to Singapore in September for a leadership and capacity-building programme.
President Mahama also announced plans for Ghana to establish a consulate in Singapore by 2026. Singapore, for its part, has already opened Enterprise Singapore in Accra to manage its investment portfolio in West Africa.
Singapore’s President, Tharman Shanmugaratnam, praised Mahama for his determination to transform Ghana, describing him as “a man on a mission” focused on creating opportunities for the country’s young population. Ablakwa reflected on the symbolic nature of the partnership, recalling the friendship between Ghana’s first President, Kwame Nkrumah, and Singapore’s founding leader, Lee Kuan Yew, and said they would be “exceedingly ecstatic with the rekindling of high-level impactful Ghana-Singapore relations.”
“We shall continue to ensure that our diplomacy delivers the transformation and reset Ghanaians overwhelmingly voted for,” Ablakwa concluded.
