Ghana signs $1b investment deals in Singapore on president’s visit

By the end of the first official visit to Singapore by President John Dramani Mahama, Ghana has signed a total of $1 billion worth of investment deals.

The investment packages the President says form part of his Reset Agenda. The investment commitments cover infrastructure, hospitality, education, transport, and technology. Key among them is a $200 million investment by OLAM to establish new projects in Ghana, including a 43,000-metric-ton pasta processing plant and feed processing plants for poultry and aquaculture, expected to create 4,000 jobs.

Singapore-based Shangri-La has pledged $300 million for the construction of a green, ultra-modern five-star hotel, a grand shopping mall, and a convention centre to position Ghana as West Africa’s leading conference destination. Ghana will also benefit from a 10,000-capacity student hostel project for the University of Ghana, as well as enhanced airport security and scanners at the Kotoka International Airport.

Other agreements include cooperation to expand the Tema Port, revive the Tema drydock, and construct a new jetty for oil ships. Ghana and Singapore also agreed to collaborate on road safety by setting up testing labs across the country to ensure only certified materials are used in road construction.

In the financial sector, the central banks of both countries will work to launch a common payment platform to boost trade between Africa and Asia. On education, the Singapore Institute of Technology will partner Ghana to establish a model Accra Institute of Technology under a new TVET arrangement. Both sides also agree to execute projects under a bilateral Carbon Credit Agreement.

Beyond the investments, Ghana and Singapore signed an MoU for regular high-level political consultations, agreed to finalize a Bilateral Investment Treaty (BIT), and secured support for capacity building for forensic investigators.

As part of a public service reset initiative, the first batch of 18 Chief Directors from Ghana’s ministries will undergo 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 oversees its West African investments.

Singapore’s President Tharman Shanmugaratnam praised 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 reflect 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 exchange of letters.

By Fred Duhoe, back from Singapore

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