ECOWAS-Singapore trade grows 10% in last five years

Singapore intends to deepen economic ties with Economic Community of West African states (ECOWAS), as trade relations between both regions surge.

Trade between ECOWAS and Singapore has grown at a compound annual growth rate of 10 per cent in the last five years to reach SGD1.2 billion that is about GH¢1.9 billion, said Mr Ian Lee, Centre Director (Ghana), International Enterprise (IE) Singapore.

Mr Lee, who said this in a statement copied to the Ghana News Agency on Tuesday, said “Singaporean companies are present in 11 out of 15 countries in the ECOWAS, and their interests spans a variety of sectors such as agriculture, F&B and urban infrastructure”.

The statement said the growth in trade is driven mostly by the fledging oil and gas industry in ECOWAS, a sector which has seen Singaporean entrants in recent years.

“These include Sembcorp Marine, which built Ghana’s first Floating Production Storage and Offloading (FPSO) vessel, and Keppel Offshore and Marine, an offshore rig provider”, it said.

The statement said with the rise of industrialisation and urbanisation in the region, Singaporean companies were hoping to expand beyond the oil and gas industry and contribute to the logistics and manufacturing sectors.

It said “ECOWAS is among the world’s fastest-growing regions today.  As it embarks on a path of swift socio-economic development, partners that can bring meaningful investments will be crucial to its long-term growth and Singapore hopes to be such a partner.”

Source: GNA