Singapore city: Mr. Samuel Okudzeto Ablakwa, the Minister of Foreign Affairs, has announced that Ghana and Singapore are prepared to embark on a new journey of prosperity, progress, and transformation. He emphasized the inspiration Ghana derives from Singapore's remarkable economic transformation, which defied traditional economic theories regarding population size and development.
According to Ghana News Agency, Mr. Ablakwa made these remarks during the Ghana-Singapore Business Dialogue 2025 held in Singapore City. The event, themed "Forging Partnerships for Sustainable Economic Growth," highlighted Ghana's aspiration to follow in Singapore's footsteps as it approaches its 70th anniversary in 2027.
Mr. Ablakwa praised President John Dramani Mahama as a national builder who has led significant reforms since assuming office. Under President Mahama's leadership, Ghana has stabilized its economy, with the Ghana Cedi now recognized as the strongest currency globally. The Minister noted that Ghana is no longer considered a bankrupt economy or rated as junk status by rating agencies, with a recent upgrade from Fitch, signaling that Ghana is open for business.
The Minister assured that President Mahama has honored all existing agreements, with no appropriation or disregard for contracts, and no nationalization occurring in Ghana. He highlighted the President's commitment to ensuring Ghanaians gain ownership of their natural resources and negotiate in the nation's best interest. This commitment involves the anticipated signing of Bilateral Investment Treaties (BIT) with Singapore by the end of the year.
Mr. Ablakwa expressed optimism about increased Singaporean business interest in Ghana, encouraged by President Mahama's directive for the Foreign Ministry to establish permanent diplomatic presences in both countries. He revealed plans for President Mahama to return to Singapore next year to inaugurate a Consulate, marking Ghana's first physical presence in the city-state.
The Minister reiterated President Mahama's vision for prioritizing economic diplomacy between Ghana and Singapore, with the Foreign Ministry actively facilitating business opportunities to position Ghana as a preferred business and investment destination.