Minister of Foreign Affairs, Samuel Okudzeto Ablakwa, has disclosed that Ghana and Singapore are ready to chart a new path of prosperity, progress, and transformation.
He reiterated that Singapore gave Ghana hope, inspiration and had defied all the economic theories about needing a big population to make it, becoming a transformed and progressive country.
“You celebrated your 60th anniversary not long ago, Ghana will be 70 in 2027, and is determined to walk in the footsteps of Singapore to transform Ghana,” Mr. Ablakwa stated in his remarks at the Ghana-Singapore Business Dialogue 2025 in Singapore City.
The event was on the theme: “Forging Partnerships for Sustainable Economic Growth”.
Mr. Ablakwa said President John Mahama, nicknamed Ghana’s “nation builder,” exemplified true leadership and dedication to national development.
“He (President Mahama) is leading a raft of reforms and since his assumption of office, he has stabilised the Ghanaian economy and the Ghana Cedi is now the strongest currency in the world and Ghana’s is no longer a bankrupt economy.”
The Minister said Ghana was no longer rated by the rating agencies as a country in junk status and there had also been an upgrade by Fitch, adding that Ghana was open for business, as President Mahama had reiterated in most of his addresses.
He said President Mahama had respected all the agreements that he inherited, and there had been no appropriation, no disregard for contracts he came to meet, and there was no nationalisation going on in Ghana.
He noted that as part of President Mahama’s reforms, he was making sure that Ghanaians take ownership of their natural resources and negotiating in the best interest of Ghana, and that was why he pledged at the bilateral meeting that very soon Ghana and Singapore would have a Bilateral Investment Treaty (BIT) by the close of the year.
Mr. Ablakwa said Ghana was expecting more Singaporean businesses to look to Ghana as the preferred destination.
The Minister said President Mahama had instructed the Foreign Ministry to establish a Permanent Diplomatic presence in Singapore and the same in Ghana.
He said next year, President Mahama would be back in Singapore to open a Consulate, and it would be the first physical presence Ghana would have in Singapore.
Mr. Ablakwa said President Mahama wanted Singapore and Ghana to prioritise economic diplomacy and that was what the Foreign Ministry was doing to facilitate business to make Ghana their preferred business and investment country.