The government of Ghana has reiterated its commitment to building a stronger partnership with German businesses to expand their international relations.
Ghana marked as one of the fastest growing economies in the world, and competitive in West Africa has hosted German firms, courtesy of its positive economic outlook.
Ghana’s capital, Accra is holding the ongoing 3rd German-African Business Summit ( GABS) which kicked off on February 11.
The business conference organised by the German Chamber Network (AHKs) and the German Embassy emphasises on the need to promote small and medium-sized enterprises (SMEs) between Europe’s largest economy and Africa’s shining light.
UK essays record that SMEs are the engine of economic development as they play a significant role in the national economy by providing various goods and services, creating job opportunities, developing regional economies and communities, helping the competition in the market and offering innovation.
Dr Gerd Muller, a German Federal Minister, expressed his country’s commitment to collaborate with Ghana to provide financial solutions which include setting up of accounts, providing short to medium-term credit facilities, services for financing trade and banking transaction to local companies who wish to acquire German equipment or use their services.
Limited access to attractive and tailor-made financing support is a major impediment to the development of trade between her and Germany, Dr Muller highlighted.
The need for financial inclusion is a crucial strategy to finance startups and entrepreneurial ventures to steer a balanced economic development.
The Nana Akufo-Addo-led Administration has committed efforts to build an attractive business environment to woo foreign investors. Ghana is quickly overtaking Nigeria as West Africa’s investment hub.
American hospitality company Marriott Hotel expanded its reach in Africa with the inauguration of Accra Marriott Hotel last year, with German manufacturers Volkswagen also set to establish assembling plants in Ghana and Nigeria as well.
Ghana’s economic growth moved from 3.7 in 2016 to 8.5 per cent in 2017 while its fiscal deficit declined from 9.3 per cent in 2016 to 3.6 in 2018.
The inflation dropped from 15.4 in 2016 to the current figure of 9.3 per cent reflecting stability in the macro-economy.
Ghana is also drawing more interests from Chinese firms, one of the biggest investors in the African continent.