Ghana and Singapore have made significant strides in fostering diplomatic and economic partnerships, with His Excellency President John Dramani Mahama announcing new initiatives to kindle the relationship.

During an official State visit to Singapore, President Mahama disclosed the government’s plans of establishing a Consulate in Singapore next year. The initiative is to ensure Ghanaians in the area have access to essential consular services, such as applying for visa, passports and others within their reach as well as boost Ghana and Singapore relations.

In a post on the X platform on Friday, August 29 , the Foreign Affairs Minister, Samuel Okudzeto Ablakwa wrote, “ President Mahama announced that Ghana is set to establish a Consulate in Singapore by 2026”.

Singapore has already opened Enterprise Singapore in Accra to oversee its West African investment portfolio. President Mahama’s three-day visit to Singapore focused on strengthening investment ties and engaging with Singaporean leaders and business magnates.

However, the President of Singapore, Tharman Shanmugaratnam, sees President Mahama’s intention to establish a consulate in the country as one that will go a long way in strengthening the existing relationship between the two countries and securing a brighter future for the Ghanaian youth.

“President Mahama is a man on a mission. He is determined to see his country and its young population succeed.” 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 added.

Other matters discussed aligned with major investment partnerships integral to President Mahama’s Reset Agenda, leading to the securing of US$1billion worth of investment deals.

Meanwhile, a multinational food and agribusiness company that operates in over 60 countries which is headquartered in Singapore, OLAM plans US$200million for establishing new projects in Ghana.

Shangri-la has pledged to construct a US$300million green ultra-modern iconic 5-Star Hotel with a grand mall for local and international brands and a convention centre in Ghana. This is to place Ghana as the leading conference destination in West African.

Singapore has partnered with Ghana to establish a 10,000-capacity student hostel for the University of Ghana. The two countries have collaborated to launch a common payment platform to boost trade and international commerce between Africa and Asia. Singapore has expressed willingness to establish a model Accra Institute of Technology in Ghana.

An MoU for regular high-level political consultations has been reached between the two countries. In discussions on the Bilateral Investment Treaty (BIT), both countries have agreed to finalize negotiations. Also concerning the Operation Recover All Loot (ORAL) agenda, Singapore has declared intentions to train and build capacity for Ghanaian forensic investigators.

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.

The value of goods and services exchanged between Ghana and Singapore stood at over US$215 million in 2024. President Mahama has noted that this achievement has greatly influenced Ghana’s trade outlook for 2025.

According to him, Ghana and Singapore are now targeting billion-dollar trade growth, reflecting stronger bilateral ties and deeper cooperation between the two nations.

“Ghana-Singapore trade has also grown, reaching over US$215 million in 2024,” he told the gathering of government leaders and business executives. “Africa-Singapore trade rose by about 50 per cent between 2020 and 2024 to nearly US$14 billion, with West Africa accounting for more than half of that.”

He added that the development reflects Africa’s growing potential to drive sustainable economic growth and attract significant global investment.

“I speak today as an African leader and as President of Ghana. Our message is simple: Africa is investable, and Ghana is your reliable gateway to the continent. The continent is the world’s most dynamic emerging market. We are 1.4 billion people today—young, fast-urbanising, digitally connected—and by 2030, Africa’s cities will host more than 700 million consumers.”

Meanwhile, the total value of all commodities bought and sold on Ghana’s Commodity Exchange (GCX) in 2024 amounted to GHS 24.23 million. A report by the Bank of Ghana’s (BoG) 2024 Financial Stability Review attributed the gains to strong demand for maize and soybean contracts, which boosted overall market performance.

“The Ghana Commodity Exchange (GCX) experienced remarkable growth, reinforcing its role in agricultural trade and market efficiency. Trading volume surged by 107.4 per cent to 5,161.03 metric tonnes in 2024. The total trade value soared by 114.8 per cent, from GH₵11.29 million in 2023 to GH₵24.23 million.

This growth was driven by several factors, including increased market participation, the strategic use of commodity aggregation funds, a faster settlement cycle (T+1, a day after the transaction date), improved warehouse infrastructure, and enhanced trader confidence.

Additionally, settlement values grew by 113.3 per cent to GH₵23.31 million, reflecting enhanced liquidity and improved transactional efficiency,” the report stated.

In 2023, the Ghana Commodity Exchange recorded a substantial decline in trading activity, with total trade value falling to GH₵11.3 million from GH₵20.7 million in 2022, representing a 45 per cent decrease. Economic and environmental challenges facing Ghana’s agricultural market were instrumental in this decline.

GCX’s traded commodities include maize, soybeans, sorghum, sesame, rice, and cashews. In 2024, major commodities such as maize, sesame, rice, and soybeans were actively traded compared to 2023.

The number of contracts executed on the GCX surged by 122.03 per cent to 4,898 contracts compared to 2023, boosting trading activity and market confidence.

“The excellent growth in 2024 culminated in a six-year Compound Annual Growth Rate (CAGR) of approximately 14 per cent. The Exchange, for the period, traded three commodities relative to two commodities in 2023. The 2024 performance reinforces GCX’s role in driving price discovery, improving market accessibility, and promoting inclusion in Ghana’s commodities sector,” the report noted.