Akufo-Addo woos more German businesses
President Akufo-Addo urged German businesses and manufacturers to invest in Ghana on Tuesday, citing the country’s favorable and lively economic environment.
He emphasized that Ghana was a secure and attractive business destination, a country that safeguards legal investment, while speaking at the Ghana-Germany Business Forum in Dusseldorf as part of his working visit to Germany.
The President, who is in the nation at the request of German Chancellor Angela Merkel, told the German business community that his government has taken steps to decrease the cost of doing business and enhance the economic environment since taking office in 2017.
As a consequence, Ghana’s economy is one of Africa’s most business-friendly, as well as one of the world’s fastest-growing, with annual GDP growth rates of 7% on average between 2017 and 2020, up from 3.4 percent in 2016.
“Indeed, with many economies across the world in recession, having reported negative growth in 2020, primarily as a result of the COVID-19 epidemic, Ghana’s economy was one of the few that nevertheless managed to achieve positive GDP growth, albeit at a very small 0.9 percent.
“And, despite the pandemic’s ravages, we’re trying to expand the economy at a far quicker rate this year, with a goal of 5% GDP growth, which will improve the chances of a win-win environment for both the private sector and the government; an atmosphere where businesses not only survive, but flourish. The economy’s GDP increased by 3.1 percent in the first quarter and 8.9 percent in the second,” he added.
The President, encouraged by the fact that more German businesses are interested in investing in Ghana, told German business leaders and investors that their investments would be secure, and urged them to take advantage of the outstanding investment possibilities in the country.
“We will continue to build and maintain the conducive investment climate that not only ensures the safety of investments, but also high returns,” he added, citing a foreign direct investment value of US$83.92 million recorded from Germany during the previous decade.
“We will continue to protect legitimate investments, and preserve the atmosphere of peace, stability and security that has been an important contributor to the increasing presence of German businesses in Ghana,” he assured.
“It continues to be an exciting time to be in Ghana, and to do business in the country,” the President said, referring to the opening of representations for German industry giant ThyssenKrupp and German logistics global player Kühne & Nagel in the country, as well as the establishment of the Volkswagen Assembly Plant in Ghana.
“Other major automakers, such as Toyota and Nissan of Japan, as well as Sinotruk of China, have already built assembly factories in the country. Twitter is building its African headquarters in Ghana, Google is establishing its first African Artificial Intelligence Center in Ghana, and the well-known Norwegian energy firm Aker has a significant presence in Ghana,” he stated.
President Akufo-Addo recommended to the Forum government flagship policies such as “One District, One Factory,” “One Village, One Dam,” and the “Planting for Food and Jobs” program, as well as in the areas of water, health, housing, road and rail infrastructure, transportation, industry, manufacturing, agriculture, petroleum and gas, and the exploitation of our mineral wealth of bauxite, iron ore, and gold, as well as in the areas of water, health, housing, road and rail infrastructure,
“With significant private sector engagement, we believe we can build a modern railway network with strong manufacturing center links and the ability to connect us to our neighbors. Indeed, Ralf Blankenbach and the German Havellandische Eisenbahn are part of a European partnership working on the $1.8 billion restoration of the existing Eastern Railway line between Accra and Kumasi,” he noted.