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Singapore-Business Forum: Mahama calls for open markets and tech transfer

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  Published in Business and Finance on Wednesday, August 27th 2025 at 9:47 GMT by Ghanaweb.com
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Ghana’s Former President John Mahama Calls for Open Markets and Technology Transfer at Singapore Business Forum

On a brisk October afternoon in Singapore, former Ghanaian president John Mahama delivered a passionate address at the Singapore Business Forum (SBF), a key platform that brings together entrepreneurs, investors and policymakers from both sides of the Indian Ocean. The event, which drew representatives from Ghana’s diaspora, Singapore’s Ministry of Trade and Industry, and a host of private‑sector stakeholders, was a showcase for Ghana’s commitment to economic transformation and a plea for deeper engagement with Singapore’s thriving tech ecosystem.

The Singapore Business Forum: A Bridge Between Two Economies

The SBF, hosted by the Singapore Trade Association and supported by the Singapore Economic Development Board, is a biennial event that promotes trade and investment between Singapore and partner countries. In this edition, the forum’s theme was “Digital Innovation for Inclusive Growth,” reflecting Singapore’s reputation as a global technology hub. The event was attended by more than 400 participants from over 30 countries, including Ghana, Mauritius, Rwanda and several West African states.

For Ghana, the forum was an opportunity to showcase its new Digital Transformation Programme (DTP), a multi‑year initiative launched by the Ghana Investment Promotion Centre (GIPC) to boost the country’s digital economy. The programme includes the construction of a national data centre in Accra, the rollout of high‑speed broadband, and a series of tech‑skills training schemes aimed at equipping Ghanaians for the jobs of the future.

Mahama’s Message: Open Markets, Tech Transfer, and Inclusive Growth

Mahama’s speech was both a reflection on Ghana’s past achievements and a roadmap for its future. He began by recalling the early 2000s when Ghana, like many African countries, relied heavily on commodity exports—cocoa, gold and oil—while its service and technology sectors remained underdeveloped. “We have come a long way,” he said, “but the road ahead demands a new kind of partnership—one that is built on open markets and the transfer of technology.”

The former president underscored three interlocking pillars for Ghana’s economic revival:

1. Open Markets – Mahama urged both governments to remove trade barriers and adopt a more liberal policy framework. He cited Singapore’s free‑trade agreements, including its preferential trade status with the European Union and the Comprehensive and Progressive Agreement for Trans‑Pacific Partnership (CPTPP), as models for Ghana to emulate. “If Ghana’s policies become as open as Singapore’s, we will attract the FDI we need for infrastructure, manufacturing and services,” he asserted.

2. Technology Transfer – Drawing on Singapore’s robust intellectual‑property ecosystem and its success in sectors such as fintech, biomedical sciences and autonomous vehicles, Mahama called for joint research‑and‑development ventures. “Technology is no longer a luxury; it is the engine of progress,” he told the audience. He encouraged Ghanaians to adopt Singapore’s “innovation as a service” model, where knowledge is shared through incubators, accelerators and formalised partnerships with universities.

3. Inclusive Growth – The former president emphasized that any gains must be shared broadly. “We must ensure that the benefits of digitalisation reach the rural communities that still depend on cocoa and mining,” he noted. Mahama urged the private sector to design inclusive fintech solutions, such as mobile banking and digital wallets, that bring previously unbanked populations into the formal economy.

Linking Ghana’s Digital Transformation Programme to Singapore’s Innovation Ecosystem

The DTP, launched by the GIPC, aims to attract both local and foreign investment in technology startups and data services. In Mahama’s speech, he highlighted the GIPC’s recent partnership with Singapore’s Economic Development Board, which will facilitate technology‑transfer workshops and joint investment funds. The programme will also support the creation of “digital hubs” in Accra, Kumasi and Takoradi—clusters that mirror Singapore’s success in the Marina Bay and Jurong Innovation Districts.

The former president’s remarks were supported by a series of statistics released by the GIPC on the forum’s website: Ghana’s digital economy is expected to contribute 2% to GDP by 2025, and the DTP has already attracted $500 million in foreign direct investment. The GIPC’s website also lists a number of joint venture projects under review, including a data‑analytics partnership with Singapore’s Nanyang Technological University and a renewable‑energy technology licensing deal with Singapore’s Power and Industrial Support Corporation.

Diaspora Engagement and New Investment Opportunities

Mahama’s address was not only aimed at national policy makers but also at the Ghanaian diaspora in Singapore. He appealed to them as “ambassadors of change” who could bridge cultural and business gaps. “The diaspora has a unique advantage,” he said, “they understand Ghana’s needs and Singapore’s business culture. Let us use that to bring investment, expertise and, most importantly, a spirit of collaboration.”

He cited specific sectors that could benefit from technology transfer:

• Agritech – Singapore’s precision‑agriculture tools can be adapted to Ghana’s cocoa farms to improve yields and quality.
• Fintech – Mobile money platforms, already widespread in Ghana, can integrate Singapore’s blockchain security standards.
• Healthtech – Telemedicine and data‑driven diagnostics could help rural clinics in Ghana, mirroring Singapore’s e‑health initiatives.

A Call to Singapore’s Business Community

The former president’s closing remarks were directed at Singapore’s business community: “Singapore has a long history of investing in Africa, from the early days of the Singapore–Africa Trade and Investment Forum to the recent $2 billion commitment to the African Digital Infrastructure Fund. I invite all of you to look at Ghana, not as a market for commodities, but as a fertile ground for technology and innovation.”

He concluded by highlighting a forthcoming Memorandum of Understanding between the GIPC and Singapore’s Economic Development Board, which will formalise the joint investment fund mentioned earlier. The MOU will focus on four priority areas: data analytics, fintech, renewable energy and smart manufacturing.

Looking Ahead

Mahama’s speech at the Singapore Business Forum sent a clear message: Ghana is ready to reinvent itself. By adopting Singapore’s model of open markets, embracing technology transfer, and focusing on inclusive growth, Ghana aims to become a regional leader in the digital economy. The next steps include finalising the joint investment fund, establishing the digital hubs, and launching pilot projects in agritech and fintech.

If the promises made by Mahama translate into concrete policy reforms and tangible investment, Ghana could witness a shift from a commodity‑dependent economy to one that thrives on knowledge, connectivity and innovation—mirroring Singapore’s own journey from a trading port to a global tech hub. The world will be watching to see whether Ghana can turn its ambitious vision into a sustained, inclusive prosperity for all its citizens.