Ghana-Germany explore opportunities for shared economic prosperity

January 24, 2024 / Comments (0)

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Ghana and Germany have engaged to take stock and reimagine the journey of exploring opportunities that will help foster mutual economic prosperity.

The business roundtable was held in Accra on Tuesday, January 23, 2024, under the auspices of the Ghana Mutual Prosperity Partnership (GMPP).

The GMPP Ghana-Germany Business Roundtable hosted discussions between key economic players from both nations, underscoring a commitment to strengthening bilateral ties and creating a stronger platform for shared growth.

Finance Minister, Ken Ofori-Atta, commenced the dialogue by highlighting Ghana’s remarkable economic turnaround.

He emphasised the need to sustain positive momentum, remarking, “What we have achieved so far is just the beginning. Economic growth has rebounded, and reforms are bearing fruit, as acknowledged by the IMF.”

Mr. Ofori-Atta underscored the significance of the Mutual Prosperity Partnership, stating, “These dialogues are a welcome platform for government and the private sector to shape a more resilient future. Germany is an important market for us, and the six-decade relationship holds immense potential for further co-operation.”

German Chargée d’Affaires, Sivine Jansen, emphasised the longstanding business relationship between German and Ghanaian companies.

She outlined steps for fostering a more conducive business environment, encouraging the Ghana Revenue Authority (GRA) to adopt a business-friendly approach and enhance transparency in dealings with businesses.

Madam Jansen emphasised the need for ongoing policy reforms, urging the Ghanaian government to remove obstacles for investors.

“High investment thresholds hamper foreign direct investments,” she noted, “and companies increasingly focus on legal frameworks and human rights as part of their corporate social responsibility.”

Infrastructure development emerged as a fundamental aspect of economic prosperity, with Madam Jansen stressing the importance of Ghana accelerating investments in this area.

She also highlighted new opportunities for Ghana, given current global events and challenges in Europe-China relations.

“Ghana’s demographic advantage and proximity to Europe make it an attractive option for companies seeking alternative markets,” she stated.

The roundtable was organized as part of the country-based GMPP deep dive sessions, to explore opportunities for collaboration between Ghana’s Ministry of Finance, Ministry of Trade, GIPC, GRA, and representatives of foreign businesses operating in Ghana.

The objectives of these sessions are to help cultivate a more conducive business environment; channel foreign direct investments into the country; create jobs and mutual prosperity; and foster economic growth, whilst strengthening bilateral ties.


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