Trade Statistics with Ghana (in US Dollars millions)

Source: The International Monetary Fund (IMF)

Year Ghana’s exports to Singapore Ghana’s imports from Singapore
2018 81.50  62.34
2019 31.26  50.57
2020 25.82  76.59

 

Trade Statistics with Sub-Saharan Africa (SSA) (in US Dollars millions)

Source: The International Monetary Fund (IMF)

Year SSA’s exports to Singapore SSA’s imports from Singapore
2018 4,067.20 2,444.02
2019 3,070.79 2,761.57
2020 3,874.71 2,753.64

 Foreign Direct Investments to Africa

Since 2015, Singapore has been among the top 10 investor economies in Africa, measured by Foreign Direct Investment stock. According to the United Nations Conference on Trade and Development (UNCTAD), from 2015 to 2019 Singapore’s investments into Africa rose from USD$17 billion to USD $20billion.

ECONOMIC AGREEMENTS

Avoidance of Double Tax Agreement (DTA)

The DTA was signedby Singapore’s then-Minister of State (Trade &Industry) Dr Koh Poh Koon and Ghana’s Minister for Finance, Ken Ofori-Atta on 31 March 2017. It was ratified on 12 April 2019 and has been legally enforced since January 2020.

Visa Abolition Agreement

Singaporeans travelling to Ghana for up to 30 days do not require a visa. Likewise, no visa is required for Ghanaians travelling into Singapore.

Singapore companies with established presence in West Africa

Ascent Solutions Pte Ltd –In 2020, Ghana’s National Petroleum Authority (NPA) implemented Ascent’s end-to-end Internet of Things (IoT) monitoring solution, iSPOT ECTS, to provide real time and continuous security monitoring of vehicles transporting petroleum products across Ghana.

Surbana Jurong – was awarded in 2016 the contract to design and masterplan the Savannah Accelerated Development Authority Zone which spans around 130,000km2 in northern Ghana. The company is  working with the Ministry of Housing on a nation-wide housing policy which includes developing affordable housing in Accra.

Tee Yih Jia –a leading manufacturer of frozen foods has secured a distribution partnership at the end of 2020 with Panific Ghana to supply frozen spring roll skins, spring rolls and samosas for key supermarket chains.

SMJ Holdings – SMJ is one of the leading carpet specialists serving both commercial and industrial sectors. SMJ in 2019 entered into a partnership with Ghanaian company Hollocome Prime for the distribution of their carpet tiles in Ghana. The company has since outfitted the new Chinese Embassy’s visa office, as well as Ghana’s Health Insurance Company’s Accra office.

Olam International Ltd – Olam, through its subsidiary, Olam Ghana, exports cocoa, cashew, coffee, cotton and shea nuts. It is the leading cashew exporter and one of the largest importers of rice in Ghana. Olam has a wheat flour mill in Tema and operates a tomato paste processing and canning facility.

In 2017, Olam opened a US$18 million biscuit factory in Tema. The factory was a joint venture between Olam and Japan’s Sanyo Foods and its opening was officiated by Ghana’s Minister of  Trade and Industry Alan John Kyerematen and Singapore’s then-Minister of State (Trade & Industry) Koh Poh Koon.

Wilmar AfricaWilmar Africa Limited is a wholly-owned subsidiary of Wilmar International and one of the leading agribusiness companies in Ghana. The company is engaged in refining, packing and distributing edible oils. ‘Frytol’ is the company’s flagship vegetable oil brand, which the company acquired from Unilever in 2010.

Besides ‘Frytol’, the company also produces vegetable oil for other brands both for the domestic and international market, such as ‘Fortune’, ’Korie’ and ‘Sania. On 6 Nov 2019, Singapore’s Senior Minister Tharman also inaugurated Wilmar’s new soap and detergent factory during his visit to Ghana.

Diplomatic visits and initiatives between Ghana and Singapore

The Bank of Ghana and Monetary Authority of Singapore commenced discussions on December 2020 to adopt the Business san Borders (BSB) open hub of platforms between Singapore and Ghana.The close cooperation will benefit small and medium sized enterprises (SMEs) and micro SMEs in both countries by expanding their connectivity with their counterpart economy while introducing innovative FinTech and digital tools to help SMEs seamlessly completebusiness needs.

High Commissioner of Ghana to Singapore, Frank Okyere based in Tokyo but accredited to Singapore visited Singapore from 3 to 7 March 2019 to present his credentials to President HalimahYacob on 5 March 2019.

Ghana’s Minister of Finance Hon. Ken Ofori-Atta led a delegation to Singapore on behalf of Ghana’s President Nana Akufo-Addo on 10-15 February in 2018. The visit aimed to deepen economic ties in Built Environment,Hospitality, Fintech, amongst others.

(Note: Delegation was led by Ghana’s Minister of Finance as President Nana had a last-minute change of schedule)

Ghana’s Petroleum Hub Task Force led by Deputy Minister of Energy in charge of Petroleum, Mohammed Amin Adam, visited Singapore from 24 – 27 January 2018. The Task Force aimed to develop Ghana into a petroleum hub for West Africa.

Former President of Ghana, John Kufuor visited Singapore from 2 – 5 February 2017 to attend the naming of a vessel after him.

Senior Minister Tharman Shanmugaratnam visited Accra, Ghana from 5 to 7 November 2019 and was accompanied by Senior Parliamentary Secretary (Trade & Industry) Tan Wu Meng, Singapore’s Non-Resident High Commissioner to Ghana HawaziDaipi, and a Singapore business delegation led by Singapore Business Federation.

Senior Parliamentary Secretary (Trade & Industry) Tan Wu Meng visited Accra, Ghana, from 9 to 12 December 2018 and was accompanied by Singapore’s Non-Resident High Commissioner to Ghana HawaziDaipi. In Accra, he called on Deputy Minister of Trade and Industry, Carlos Kingsley Ahenkorah; Deputy Minister of Energy and Petroleum, Dr Mohammed Amin Adam; Deputy Minister for Foreign Affairs and Regional Integration, Charles Owiredu; and then-Deputy Minister of Works and Housing.

Then-Minister of State (Trade & Industry) Dr Koh Poh Koon visited Accra, Ghana in 29 March to 1 April 2017. In conjunction with his visit, the Singapore Business Federation led a business mission of seven companies from urban development, construction, agribusiness, trading, shipping and oil and gas sectors to explore partnership opportunities in West Africa.

In Accra, MOS Koh called on President Nana Addo Afuko-Addo; Minister of Trade and Industry, Alan Kyerematen; Minister of Foreign Affairs, Shirley AyorkorBotchway and CEO of Ghana Investment Promotion Centre, Yoofi Grant. He also signed the Ghana-Singapore DTA with Ghana’s Minister of Finance, Ken Ofori-Atta.

Enterprise Singapore is the Singapore government agency championing enterprise development. In 2013, Enterprise Singapore’s Overseas Centre in Accra opened its doors to support business development efforts in the West African region for Singapore and African enterprises.

Regional Director Ms Jean Ng works with her Ghanaian colleagues – Ginette and Clement – to match African businesses with the right Singapore partner and provide advice to companies interested in expanding into Singapore and Southeast Asian markets. The team also helps Singapore companies that are keen to establish a presence in West Africa and facilitates partnerships between Singapore and African enterprises.

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