The value of goods and services exchanged between Ghana and Singapore stood at over US$215 million in 2024, His Excellency President John Dramani Mahama has revealed.

Speaking at a gathering of government leaders and business executives in Singapore on Tuesday, August 26, President Mahama 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.

Maize transaction volumes in 2023 stood at 2,311.78 metric tonnes and rose by 99.2 per cent to 4,604.38 metric tonnes in 2024, driven by increased demand, access to the market, and favourable pricing.

“Trading volumes for major commodities recovered strongly partly due to increased demand and favourable pricing. Maize trading volumes grew by 99.2 per cent to 4,604.38 metric tonnes in 2024 from 2,311.78 metric tonnes in 2023, driven by increased demand, improved market access, and favourable pricing,” it added.

In 2024, maize prices increased by 34.2 per cent, selling at GH₵4,396.00 compared to GH₵3,276.50 in 2023. Soybean prices surged by 107.1 per cent to GH₵8,311.00 per metric tonne from GH₵4,012.50, while sorghum, sesame, and rice prices remained unchanged during the same period.

“During the period, commodities exhibited varying price trends compared to 2023. Maize prices increased by 34.2 per cent to GH₵4,396.00 from GH₵3,276.50. Soybean prices experienced the sharpest rise, surging by 107.1 per cent to GH₵8,311.00 per metric tonne from GH₵4,012.50 due to increased export demand and rising input costs. Sorghum, sesame, and rice prices remained unchanged, pointing towards stable supply and demand dynamics in those segments of the market,” the report explained.

Operations at GCX warehouses also expanded in 2023, supported by enhanced storage capacity and stricter adherence to regulatory standards. The number of warehouses increased from eight to nine in the same year. These warehouses are strategically distributed across Ghana’s key agricultural hubs, including the Ashanti, Bono, Northern, Upper East, and Upper West regions.

“Warehouse operations expanded, reflecting improvements in storage capacity and regulatory compliance. The number of warehouses increased from 8 to 9, indicating investment in storage infrastructure aimed at enhancing market accessibility. This expansion underscores GCX’s commitment to boosting storage and trading activities to address liquidity challenges.

Likewise, total warehouse capacity grew by 9.1 per cent to 6,000 metric tonnes, supporting business growth, operational efficiency, and market demand. These developments signal a strengthened warehousing sector, improved storage efficiency, and regulatory compliance,” the report highlighted.

The review further revealed that investment firms managing funds on behalf of individuals and institutions recorded strong growth in 2024, with the total value of assets under management (AUM) estimated at GH₵71.97 billion. Funds under management increased by nearly a third (31 per cent), rising from GH₵55.05 billion in 2023.

“The Funds Management sector witnessed robust growth. Underpinned by a strong performance in several key segments, total AUM on a MTM basis reached GH₵71.97 billion by the end of the year, an impressive 31 per cent year-on-year growth from GH₵55.05 billion at the end of 2023,” the report stated.

The Bank of Ghana attributed the significant gains to the strong performance of key segments within the financial sector. It revealed that pension funds played the biggest role in increasing the total value of investments, as they continue to dominate the market. Out of the total funds being managed by investment firms, pension funds accounted for about 72 per cent, equalling GH₵51.96 billion.

The report noted that this figure represents a 32 per cent year-on-year increase, reflecting a rise in overall investment activity. It also highlighted that Collective Investment Schemes (CIS), such as mutual funds and unit trusts, bounced back strongly in 2024, growing by 25 per cent to reach a marked-to-market value of GH₵6.58 billion compared to a 1 per cent decline in 2023.

“A major contributor to this expansion was the pension fund segment, which continued to dominate the market. Pension funds accounted for 72.0 per cent of the total AUM, amounting to GH₵51.96 billion, based on marked-to-market values and adjusted data from custodians. This represents a 32.0 percent year-on-year increase, highlighting the resilience and sustained growth of pension investments in the current economic climate.

Collective Investment Schemes (CIS) also demonstrated a notable turnaround from the 1 per cent year-on-year decline in 2023, rebounding by 25.0 per cent year-on-year, to reach marked-to-market values of GH₵6.58 billion for the year under review,” it added.

Discretionary funds also expanded by 24 per cent compared to the previous year, reaching GH₵12.08 billion in assets. The Real Estate Investment Trusts (REITs) segment, described as a new market entrant, recorded a total market value of GH₵545.56 million in 2024. Private funds ended the year at GH₵802.94 million under management, representing a 5.9 per cent increase compared to 2023.

“Discretionary funds managed by fund managers similarly expanded by 24.0 per cent year-on-year to settle at GH₵12.08 billion. The Real Estate Investment Trusts (REITs) segment (new market segment) ended the year with a marked-to-market value of GH₵545.56 million, while Private funds experienced a gain of 5.9 per cent to end the year with AUM on a marked-to-market basis of GH₵802.94 million,” it added.

The total value of assets managed in the investment industry, measured on a Held-to-Maturity (HTM) basis, also increased by 26.9 per cent, reaching GH₵85.62 billion. The report emphasised that this result highlights the industry’s ability to attract investors despite economic challenges such as inflation, currency depreciation, and slow growth.

“The AUM on Held-to-Maturity (HTM) basis expanded by 26.9 per cent to GH₵85.62 billion in 2024. Based on adjusted data from custodians, the pensions sector posted an HTM AUM of GH₵62.47 billion, discretionary and non-discretionary funds of GH₵13.83 billion, CIS of GH₵7.97 billion, REITs of GH₵0.55 billion, and Private Funds of GH₵0.80 billion. This broader growth on both the marked-to-market and HTM basis underscores the industry’s capacity to attract and retain capital, even when faced with macroeconomic headwinds,” the report observed.

Collective Investment Schemes also experienced a boost driven by increased subscriptions, with the report noting that the outcome reflects renewed investor confidence and signs of market recovery.

“The CIS industry experienced some recovery, with subscriptions rising sharply, signalling renewed investor confidence and improved market conditions. This contrasts with 2023, when both subscriptions and redemptions reached their lowest levels, reflecting a period of subdued market activity.

"Redemption payouts increased in 2024 after a sharp decline in the previous year, suggesting that improved liquidity facilitated greater investor payouts. The redemption percentage of Net Asset Value (NAV), which was at its lowest in 2023, also saw a modest increase in 2024, though it remained below historical levels,” it added.