Ghana's Economic Recovery Offers Opportunities for Singapore: President

Republic Can Share Expertise in Several Areas to Benefit Both Sides, Says President Tharman

- Annabelle Liang

Singapore itself can reap benefits as it employs its expertise in key sectors to help Ghana recover from a range of economic challenges it has faced in recent years, noted President Tharman Shanmugaratnam.

The western African country has had to deal with not only the Covid-19 pandemic but also commodity price shocks, tighter financial conditions and a significant cutback in development aid.

Mr Tharman told a state banquet held for Ghanaian President John Dramani Mahama on Aug 27 that the country is "converting crisis to opportunity".

"Macroeconomic stability is steadily being restored – inflation is easing, the cedi (currency) has strengthened, and ratings outlooks are improving," he added.

"These are encouraging signs, reflecting the firm measures your government has taken to steer the economy towards financial sustainability."

Ghana is focused on growing its economy and creating jobs, which is creating room for the expertise of Singapore businesses to bring about lasting economic benefits, Mr Tharman said.

One area is the agri-industrial sector, where local firms can bring their experience in food processing, logistics and supply chain management to help Ghana's farmers reap greater profits.

Initiatives could include providing better cold-chain solutions for transporting perishable goods like fruits and vegetables.