By the end of President John Dramani Mahama’s first official visit to Singapore, Ghana had secured US$1 billion in investment agreements.
The investment packages form part of what the President describes as his Reset Agenda, covering infrastructure, hospitality, education, transport, and technology.
A notable component is a US$200 million commitment by OLAM to develop new projects in Ghana, including a 43,000-metric-ton pasta processing plant and feed processing plants for poultry and aquaculture, which are expected to create 4,000 jobs, according to Ghana Business News.
Singapore-based Shangri-La has pledged US$300 million for the development of a green, ultra-modern five-star hotel, a large shopping mall, and a convention centre aimed at establishing Ghana as West Africa’s premier conference destination.
Ghana will also benefit from a 10,000-capacity student hostel for the University of Ghana, as well as enhanced airport security measures and scanners at Kotoka International Airport.
Other agreements include collaboration to expand Tema Port, revive the Tema drydock, and construct a new jetty for oil vessels.
Both countries have also agreed to improve road safety by establishing testing laboratories nationwide to ensure only certified materials are used in road construction.
In the financial sector, the central banks of Ghana and Singapore will collaborate to launch a common payment platform to facilitate trade between Africa and Asia.
In education, the Singapore Institute of Technology will partner with Ghana to establish a model Accra Institute of Technology under a new TVET arrangement.
Both sides have also agreed to pursue projects under a bilateral Carbon Credit Agreement.
Beyond investments, Ghana and Singapore signed a memorandum of understanding for regular high-level political consultations, agreed to finalise a Bilateral Investment Treaty (BIT), and secured support for capacity building for forensic investigators.
As part of a public service reset initiative, the first cohort of 18 Chief Directors from Ghana’s ministries will undertake an intensive leadership and knowledge-sharing bootcamp in Singapore next month.
Ghana is also set to open a consulate in Singapore by 2026, complementing Enterprise Singapore’s office in Accra, which manages its West African investments.
Singapore’s President Tharman Shanmugaratnam lauded Mahama’s vision, saying:
“President Mahama is a man on a mission. He is determined to see his country and its young population succeed.”
The renewed ties echo the legacy of Ghana’s founding President, Kwame Nkrumah, and Singapore’s founding Prime Minister, Lee Kuan Yew, who maintained a close friendship marked by frequent correspondence.
Featured image credit: Edited by Fintech News Africa, based on video by John Dramani Mahama via Facebook
