Ghana to expand its international relations with German businesses

Ghana is one of the fastest growing economies in the world and competitive in West Africa has provided 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, 2019.

 

The government of Ghana has declared its commitment to building a stronger partnership with German businesses to boost their international relations.

 

The business conference arranged by the German Chamber Network (AHKs) and the German Embassy emphasises on the need to stimulate small and medium-sized enterprises (SMEs) between Europe’s largest economy and Africa’s shining light.

SMEs are the engine of economic development as they play an important 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 contributing transformation.

 

Dr Gerd Muller who is a German Federal Minister, conveyed his country’s commitment to unite with Ghana to offer 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 obtain German equipment or use their services.

 

Dr Muller highlighted, "Limited access to attractive and tailor-made financing support is a major impediment to the development of trade between her and Germany."

 

Ghana is quickly overtaking Nigeria as West Africa’s investment hub.

 

American hospitality company Marriott Hotel extended its reach in Africa with the inauguration of Accra Marriott Hotel last year, with German manufacturers Volkswagen also set to come up with assembling plants in Ghana and Nigeria as well.

 

Ghana is also drawing more interests and attention from Chinese firms as they are one of the biggest investors in the African continent.