Singapore has opened a new investment bureau office in Accra, Ghana to deepen the Asian country’s investment in Ghana and West Africa.
Singaporean companies will look for opportunities in the aviation, transport, oil and the manufacturing sectors to invest in.
A Memorandum of Understanding to that effect was signed yesterday between the International Enterprise (IE) Singapore, a body which spearheads Singapore’s efforts to develop its external economic wing, and the Ghana Investment Promotion Center (GIPC).
The setting up of the investment office is the first of its kind in sub-Saharan Africa, according to Teo Eng Cheong, the chief executive of IE Singapore.
Eng Cheong also 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”, Teo Eng Cheong added.
Business between Ghana and Singapore is said to be around $1billion but it’s expected to rise with the new office opened in Ghana.
Mawuena Trebah, the chief executive of GIPC, 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.
The collaboration between government and IE Singapore would be centered 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, Mawuena Trebarh said.
Singaporean firms already active in Ghana and Africa include agricultural commodities firm, Olam Limited.