Singapore companies commit to massive investment in Ghana

The country is expect witness massive facelifts in the airport, harbour, oil and the manufacturing sectors as companies in Singapore commit to invest in Ghana.

A memorandum of understanding to that effect was today signed between the Ghana Investment Promotion Center and International Enterprise Singapore, a body which spearheads Singapore’s efforts to develop its external economic wing.

Subsequently, an office, first of its kind in sub Saharan Africa has been set up in Accra to facilitate investment flow from Asia to Ghana.

Chief executive officer of IE Singapore TeoEng Cheong at the signing ceremony said areas such as waste management, water treatment and energy provision will receive lots of investment in the country.

“Stable democracy and boom in the Ghanaian economy greatly influenced our decision to invest here and indeed our office here in Ghana will serve as a platform to increase investment from Asia to Ghana”, he added.

Business between Ghana and Singapore is said to be around one billion United States Dollar but it’s expected to rise with the new opportunities opened in Ghana.

Mr. Eng Cheong told the media, lots of companies have also expressed interest to invest in the oil and the manufacturing sector.

Chief executive officer of the Ghana Investment Promotion center Mawuena Trebah whose visit to the Singapore as part of her investment drive got Singapore to set up the office in Ghana is hopeful the development will open up Ghana to the rest of Asia.

She told the media, the collaboration between government and IE Singapore would be centred on infrastructural development whilst the private sector is expected to partner Singapore in the manufacturing sector as well as the development of offshore oil rigs.

“I see lots of the youth in the country getting jobs and this is just the first of many such interventions to come to Ghana,” Mrs. Trebah said, adding that “lots of collaboration between foreign investors and their Ghanaians counterparts will soon be realized in the country as the center awaits the president to accent to the revised GIPC Law passed by parliament last week.”

The law among other things introduces a provision that requires Ghanaian partners in joint ventures to have not less than 30 per cent equity participation, and prohibits the transfer of that equity to a non-Ghanaian in order to avoid the circumvention of the higher foreign capital requirements.

She however assured that businesses of foreign companies will at all times be protected.


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