Toast Speech by President Tharman Shanmugaratnam at the State Banquet in Honour of President of the Republic of Ghana John Mahama on 27 August 2025 at Fullerton Hotel

TOAST SPEECH BY PRESIDENT THARMAN SHANMUGARATNAM AT THE STATE BANQUET IN HONOUR OF PRESIDENT OF THE REPUBLIC OF GHANA JOHN MAHAMA ON 27 AUGUST 2025

AT FULLERTON HOTEL

Your Excellency President John Mahama

Distinguished guests

Ladies and gentlemen

1.     Akwaaba! I am delighted to welcome President Mahama to Singapore. Your visit marks a major milestone in the friendship between our two nations – the first State Visit by a Ghanaian President to Singapore.

2.     It builds on the warm friendship between our nations that stretches back to the era of our founding leaders. Our founding Prime Minister, Mr Lee Kuan Yew, had visited Ghana twice in the 1960s, and developed a deep respect for Ghana’s people and its first President, Dr Kwame Nkrumah.

3.     This evening, as we come together to celebrate the growing partnership between our countries, we too recall those early ties and the optimism that defined Ghana.

Three decades of growing partnership

4.     Over the past three decades, our partnership has grown steadily.

   1.     Singapore companies have put down lasting roots in Ghana – from Olam and Wilmar in agri-business, to Surbana Jurong in urban solutions, and PIL in shipping and logistics. Some of them are here with us this evening. 

   2.     I visited Ghana six years ago, when I was with the Government. It was an opportunity to deepen our cooperation in several areas, including central bank cooperation in fintech payments, technical and vocational training, tax administration, and investment promotion – areas that remain central to Ghana’s development.

   3.     I was also pleased to deliver opening remarks virtually at the launch of the Development Bank of Ghana in 2022, and again when Ghana hosted the inaugural 3i Africa summit in 2024. These engagements have reflected our deepening partnership – from building the Ghana Integrated Financial Ecosystem (GIFE) to empowering micro, small and medium sized enterprises to participate in the global digital economy.

A story of resilience and renewal

5.     Ghana today stands out as a beacon of stability and hope in West Africa. Its record as one of the continent’s most stable democracies is a major asset as President Mahama and his government have embarked on a path of economic reform and transformation.

6.     The recent years have not been easy. Ghana has had to weather strong global headwinds – from the pandemic to commodity price shocks, to tighter financial conditions. And today, Ghana like many others faces significant cutbacks in development aid.

7.     Yet, under your leadership, Mr President, Ghana is converting crisis to opportunity.

   1.     Macroeconomic stability is steadily being restored: inflation is easing, the cedi has strengthened, and ratings outlooks are improving. These are encouraging signs, reflecting the firm measures your government has taken to steer the economy towards financial sustainability.

8.     But even as Ghana confronts its challenges, it is focused on the immense potential to grow its economy and create many more jobs. Among these opportunities are key sectors where Singapore’s expertise can complement Ghana’s capabilities and ambitions, to bring lasting economic benefits:

   1.     The potential for more productive farming and a large agri-industrial sector stands out. For fruits and vegetables alone, it is estimated that better cold-chain solutions could recover nearly US$900 million in value each year. Singapore firms bring experience in food processing, logistics and supply-chain management. Working together, we can help cut post-harvest losses, add value to Ghana’s produce, and help farmers reap greater profits.

   2.     Carbon markets are another large opportunity. Singapore and Ghana share a common interest in combating climate change and signed an Implementation Agreement on carbon credits cooperation in May last year – the first such agreement that Ghana signed with an Asian country, and the first that Singapore signed with an African nation.  We hope to realise concrete projects under this agreement soon, which should enhance the attractiveness of new investments in mitigation and adaption in Ghana.

   3.     Another area with clear potential lies in the port and logistics sector. The expansion of Tema Port, with new deep berths and container terminals, aims to triple the port’s capacity and accommodate some of the world’s largest ships. Singapore is glad to share our experience and expertise in port management and logistics – from automation to advanced port technologies – to help raise efficiency, strengthen connectivity, and create good job opportunities.

9.     Underpinning these opportunities, is Ghana’s young, aspiring, digitally-connected population. Ghana’s strategic location and abundant natural resources are also major assets. It is the gateway to more than 400 million consumers through the Economic Community of West African States (ECOWAS).

10.                   Ultimately, the partnership between Ghana and Singapore is about our people and our future. Our people-to-people ties are indeed growing steadily. Ghana and Singapore nationals currently enjoy visa-free entry to each other’s countries, encouraging both business and leisure travel. Through the Singapore Cooperation Programme, over 800 Ghanaian officials have trained in Singapore – in fields from economic development to civil aviation – building lasting networks and friendships.

11.                   And earlier today, President Mahama and Prime Minister and Minister for Finance Lawrence Wong witnessed the signing of two agreements on bilateral consultations and capacity building, which will further strengthen these links.

Your Excellency,

Distinguished guests,

Ladies and gentlemen,

12.                   An opinion piece in the New York Times, published little over a week ago, reminded us of the vision of President Nkrumah. He believed Africa’s true strength lay in overcoming the divisions of colonial rule, by joining nations through trade, infrastructure, and by openness to the world. 

13.                   His fellow independence leader, Mr Lee Kuan Yew, shared that confidence in Ghana and Africa’s promise. Writing to President Nkrumah in 1966, he observed: “The Ghanaians are a vigorous and lively people and they deserve all the vision and leadership which you strove to give them, to make Ghana into a strong modern part of Africa whose unity you have always espoused… May what you stand for – a united Africa and a great Ghana – triumph and flourish.”

14.                   We now see this confidence living on in President Mahama. Mr President, your presence and that of your ministers with us this evening in Singapore is a reminder of the long-standing friendship between Ghana and Singapore, and the promise still ahead of us.

15.                   May I now invite you to join me in a toast:

To the good health and success of His Excellency President John Mahama;

To the continued peace and prosperity of Ghana; and

To the enduring friendship between Singapore and Ghana.