Singapore discovers opportunities in Ghana
Singapore is going to open a first-of-its-kind trading office in Sub-Saharan Africa in Ghana, it turned out at a recent meeting by International Enterprise (IE) Singapore, a body which spearheads Singapore’s efforts to develop its external economy, with Ghana officials.
IE Singapore CEO Teo Eng Cheong signed a memorandum of understanding with the Ghana Investment Promotion Center on July 22 in Singapore with the aim to “facilitate investment flow from Asia to Ghana.”
The African country is planning massive facelifts and upgrading of infrastructure such as roads, airports, sea ports and in the oil and manufacturing sectors, asking Singapore companies to join. Other areas are waste management, water treatment and energy provision.
“The stable democracy and economic boom in Ghana greatly influenced our decision to invest there, and indeed our new office in Ghana will serve as a platform to increase investment from Asia to Ghana”, Cheong said.
Bilateral trade between Ghana and Singapore currently stands at around $1 billion but is expected to rise with the new opportunities that opened in Ghana for the city state.
The collaboration between Ghana and IE Singapore would be further centered on infrastructural development, whilst the private sector is expected to partner with Singapore companies in manufacturing as well as the development of offshore oil rigs, which should create a number of jobs for locals.
Ghana is currently drafting a new investment law which, among other things, will introduce a provision that requires Ghanaian partners in joint ventures to have no less than 30 per cent equity participation, and prohibits the transfer of that equity to non-Ghanaian entities or individuals in order to avoid the circumvention of the higher foreign capital requirements.
[caption id="attachment_12821" align="alignleft" width="300"] Ghana is in dire need for infrastructure investments[/caption] Singapore is going to open a first-of-its-kind trading office in Sub-Saharan Africa in Ghana, it turned out at a recent meeting by International Enterprise (IE) Singapore, a body which spearheads Singapore's efforts to develop its external economy, with Ghana officials. IE Singapore CEO Teo Eng Cheong signed a memorandum of understanding with the Ghana Investment Promotion Center on July 22 in Singapore with the aim to "facilitate investment flow from Asia to Ghana." The African country is planning massive facelifts and upgrading of infrastructure such as roads, airports,...
Singapore is going to open a first-of-its-kind trading office in Sub-Saharan Africa in Ghana, it turned out at a recent meeting by International Enterprise (IE) Singapore, a body which spearheads Singapore’s efforts to develop its external economy, with Ghana officials.
IE Singapore CEO Teo Eng Cheong signed a memorandum of understanding with the Ghana Investment Promotion Center on July 22 in Singapore with the aim to “facilitate investment flow from Asia to Ghana.”
The African country is planning massive facelifts and upgrading of infrastructure such as roads, airports, sea ports and in the oil and manufacturing sectors, asking Singapore companies to join. Other areas are waste management, water treatment and energy provision.
“The stable democracy and economic boom in Ghana greatly influenced our decision to invest there, and indeed our new office in Ghana will serve as a platform to increase investment from Asia to Ghana”, Cheong said.
Bilateral trade between Ghana and Singapore currently stands at around $1 billion but is expected to rise with the new opportunities that opened in Ghana for the city state.
The collaboration between Ghana and IE Singapore would be further centered on infrastructural development, whilst the private sector is expected to partner with Singapore companies in manufacturing as well as the development of offshore oil rigs, which should create a number of jobs for locals.
Ghana is currently drafting a new investment law which, among other things, will introduce a provision that requires Ghanaian partners in joint ventures to have no less than 30 per cent equity participation, and prohibits the transfer of that equity to non-Ghanaian entities or individuals in order to avoid the circumvention of the higher foreign capital requirements.
It’s a former Lagos taxi used at an Accra market in an unconventional way
The picture above is not from Ghana, we don’t have yellow cabs like this one.