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Business News of Sunday, 31 August 2025

Foreign Affairs Minister Samuel Okudzeto Ablakwa has announced that President John Dramani Mahama has returned from a historic state visit to Singapore, securing over $1 billion in investment deals under the Reset Agenda.

According to Ablakwa, the agreements include a $200 million OLAM project for a pasta processing plant and feed mills expected to create 4,000 jobs, and a $300 million Shangri-La investment for a five-star hotel, mall, and convention center in Accra.

Other commitments will enhance security at Kotoka International Airport, expand and revive Tema Port and the dry dock, and build a new jetty for oil vessels.

He added that Ghana will also benefit from road testing labs in collaboration with Singapore’s Land Transport Authority, a new 10,000-bed student hostel at the University of Ghana, and a partnership with the Singapore Institute of Technology to establish a model Accra Institute of Technology.

“His Excellency John Mahama has become the first Ghanaian President in history to be invited by a President of Singapore on a State Visit. But his visit was not just for the history books; he made profound impact by securing US$1billion worth of investment deals.”

The two countries further agreed on a joint payment platform, a Bilateral Investment Treaty, and training support for forensic investigators.

Ablakwa revealed that as part of a public service reset initiative, 18 Chief Directors from Ghana’s ministries will travel to Singapore in September for a leadership bootcamp.

He also noted that Ghana will open a consulate in Singapore by 2026, while Singapore has already set up Enterprise Singapore in Accra to oversee its West African investments.

Singapore’s President Tharman Shanmugaratnam praised Mahama’s vision, describing him as “a man on a mission determined to see his country and its young population succeed.”

The visit has been hailed as the rekindling of ties once shared by Ghana’s first president, Kwame Nkrumah, and Singapore’s founding leader, Lee Kuan Yew, and as a major step in advancing Ghana-Singapore relations while securing critical investments for Ghana’s economic reset.