The Ghanaian delegation was led by the Minister for Trade and Industry, Alan Kyerematen.
The Summit was a follow up to a Memorandum of Understanding (MoU) signed between the two countries in February 2019 to establish a Business Council as a framework to enhance Trade and Investment Cooperation. It is a forum for exchange between government representatives of the two countries as well as companies already active or interested in Ghana. It provides access to high-ranking German and Ghanaian decision-makers.
Addressing the Summit, Federal Deputy Minister, Mr. Thomas Bareiß, stated that Ghana is one of the 10 fastest growing economies in the world. With regards to the Ease of Doing Business Ranking, Ghana has topped all countries in West Africa. As a result bilateral trade between the two countries reached 625 million euros in 2018, representing an increase of about 30 percent compared to 2017. He therefore noted that Ghana is a country with a lot of potential for German companies and the Joint Business Council is an opportunity to contribute to increased trade and investment by German companies in Ghana.
Minister of Trade and Industry Alan Kyerematen noted that the interest of Ghana as a developing country is to be able to deal decisively with the challenge of unemployment and it is only the private sector that can lead the way to economic growth and job creation. He added that Ghana has a strong and resilient economy, offers a safe and secure business climate and has arguably the best credentials in terms of democratic governance. He therefore called on German investors to take advantage of this enabling environment to invest in the country as a way of deepening the commercial engagements between the two countries.
The German-Ghanaian Business Council is the first ever joint business council between Germany and a Sub-Saharan African country. Several German investors, e.g. Volkswagen, stated their intentions to invest in Ghana and to commence or expand their activities.
In the framework of the Business Council several new initiatives were launched:
- The Africa Business Network, which offers tailor-made advisory and support services to German companies and actively informs them about business opportunities in Africa, including in Ghana.
- A Competence Center: Mineral Resources will be estanblished within the Delegation of Industry and Commerce in Accra (AHK Ghana).
- Germany improved conditions for export credit guarantees for German exports to Ghana.
- A skills expert has been installed at the Delegation in order to help German small and medium enterprises train local workers.
Both sides intend to foster their cooperation via the Institutional Partnership programme of the German Federal Ministry for Economic Affairs and Energy (BMWi) to improve the business framework in Ghana through exchange between Ghanaian and German institutitions.