Singapore has opened a trade and investment centre in Accra to promote economic partnership between Singapore, Ghana and other countries in the west Africa sub-region.
The International Enterprise (IE) Singapore investment hub, which opened on 23 July, becomes the agency's 38th global office and its second in Africa following the opening of its investment hub in Johannesburg, South Africa in January.
The IE Singapore is a government agency, under the aegis of Singapore's trade ministry, whose role is to expand Singapore's overseas investments and trade. The IE cited "stable democracy and boom in the Ghanaian economy" as reasons for investing in Accra, and says it plans to engage with countries within the Economic Community of West African States (ECOWAS) bloc.
It has identified key investment opportunities as waste management, water treatment and energy provision and says that Singaporean companies will seek opportunities within the aviation, transport, oil and manufacturing sectors.
Business between Ghana and Singapore is around $1billion, based on last year’s figures, but it is predicted to increase following the opening of the IE hub in Accra.