President John Dramani Mahama has set a new target of US$1 billion in trade between Ghana and Singapore, after bilateral trade flows exceeded US$215 million in 2024.

He announced the target at the 8th Africa–Singapore Business Forum in Singapore on Tuesday, August 26, 2025. The President said the growth showed Ghana was ready to strengthen its commercial relations with the Asian nation.

He observed that overall trade between Africa and Singapore had grown by 50 per cent between 2020 and 2024, reaching nearly US$14 billion in spite of global economic uncertainty.

Ghana, he stressed, must now “put its readiness to the test” by positioning itself as Singapore’s most reliable partner in West Africa.

To reach the billion-dollar goal, Mr Mahama outlined reforms and projects aimed at making Ghana more attractive to investors.

These include a review of the Investment Promotion Act to remove minimum capital thresholds for foreign investors and the creation of a one-stop investor concierge to speed up business decisions.

He also pointed to Ghana’s 24-Hour Economy strategy, which is built on productivity, exports and jobs, and anchored on the Volta Economic Corridor.

The initiative has four pillars: irrigating two million hectares of farmland, establishing agro-industrial parks, expanding tourism along Lake Volta, and transforming the lake into a low-cost inland transport hub.

“We will showcase bankable projects, provide direct access to our regulators, outline incentives for strategic investors, and offer a one-stop investor concierge so decisions can be made quickly and confidently,” Mr Mahama told business leaders.

Other projects outlined include the Legon Pharmaceutical Innovation Park, the setting up of a Carbon Markets Office and a Ghana Carbon Registry, as well as support for clean energy and advanced manufacturing, especially in value addition to critical minerals.

Mr Mahama urged Singaporean and African businesses to expand practical partnerships in logistics, agribusiness, digital finance and green supply chains.

He said such cooperation would create jobs for young people, diversify supply chains and support shared prosperity.

“Ghana is open for business 24 hours a day. With the right partnerships, we can deliver a pipeline of investable projects that match the needs of our people and global investors,” he said.