President Mahama secures US$1bn investment in Singapore — Ablakwa

Foreign Affairs Minister, Samuel Okudzeto Ablakwa, has announced that President John Dramani Mahama has successfully secured US$1 billion worth of investment deals during his landmark State Visit to Singapore.

Describing the visit as “historic” in a Facebook post on Friday August 29, he noted that Mahama has become the first Ghanaian President in history to be invited by a President of Singapore on a State Visit.

But beyond ceremonial significance, Ablakwa said the trip delivered substantial economic gains aligned with Mahama’s Reset Ghana Agenda.

“His visit was not just for the history books; he made a profound impact by securing US$1 billion worth of investment deals,” Ablakwa revealed.

Key Investment Partnerships Secured include the following:

1.OLAM International has committed US$200 million for new projects in Ghana, including a 43,000-metric-ton pasta processing plant to open next year and feed processing facilities for poultry and aquaculture. These initiatives are expected to create over 4,000 jobs.

2.Shangri-La Group will invest US$300 million to build a green, ultra-modern 5-star hotel, a grand shopping mall, and a state-of-the-art convention centre, positioning Ghana as West Africa’s premier conference destination.

3.A 10,000-capacity student hostel will be constructed for the University of Ghana, helping to address the student housing deficit.

4. An enhanced security and scanner project at Kotoka International Airport will align Ghana with global standards for aviation security, aimed at combating smuggling and drug trafficking.

5. A strategic cooperation plan is in place to expand Tema Port and revive the Tema dry dock, boosting maritime trade and ship maintenance capacity.

6.Construction of a new jetty to serve oil vessels, enhancing Ghana’s petroleum logistics infrastructure.

7.Collaboration with Singapore’s Land Transport Authority to establish testing laboratories across Ghana for road construction materials, ensuring quality and durability of national road infrastructure.

8.Central banks of Ghana and Singapore will partner to launch a joint payment platform, designed to strengthen Afro-Asian trade and commerce.

9. A TVET (Technical and Vocational Education and Training) agreement with the Singapore Institute of Technology (SIT) will support the establishment of a model Accra Institute of Technology.

10. Continued execution of initiatives under the Ghana-Singapore Carbon Credit Agreement, reinforcing both nations’ commitment to climate action.

Diplomatic Gains and Institutional Development

Furthering diplomatic ties, Ghana and Singapore signed a Memorandum of Understanding (MoU) to conduct regular high-level political consultations and agreed to finalise a Bilateral Investment Treaty (BIT). Singapore has also pledged capacity-building support for Ghana’s forensic investigators under the Office of the Registrar of Allied Health Professionals (ORAL).

Under a special public service reset initiative, the first cohort of 18 Chief Directors from Ghana’s Ministries will travel to Singapore in September 2025 for a leadership and capacity-building bootcamp.

President Mahama also announced plans for Ghana to open a Consulate in Singapore by 2026, further cementing bilateral relations. Singapore, in turn, has already operationalised Enterprise Singapore in Accra, managing its West African investment portfolio from Ghana.

Quoting President Tharman Shanmugaratnam of Singapore, Ablakwa shared: “President Mahama is a man on a mission. He is determined to see his country and its young population succeed.”

Reflecting on the symbolic nature of the renewed partnership, Ablakwa noted:

“Our two modern founding fathers who instructively were great friends and were noted for their frequent exchange of letters — Kwame Nkrumah and Lee Kuan Yew — will be exceedingly ecstatic with the rekindling of high-level impactful Ghana-Singapore relations.”

He concluded with a reaffirmation of Ghana’s diplomatic vision:

“We shall continue to make sure our approach to diplomacy delivers the transformation and reset Ghanaians voted for, overwhelmingly. For God and Country.”