Deeper German, Ghanaian businesses cooperation crucial for mutual prosperity - Ofori-Atta

Finance Minister Ken Ofori-Atta has emphasised the crucial need for deeper collaboration between Ghanaian and German enterprises.

He envisions a future where the fusion of German technology and expertise with Ghanaian innovation and local knowledge would pave the way for sustainable and inclusive growth.

He made this call at the Ghana Mutual Prosperity Partnership Roundtable with German businesses. During the roundtable, Mr. Ofori-Atta highlighted the significance of the ongoing ‘Mutual Prosperity Dialogues’ as a platform for the government and the private sector to shape a more resilient future.

Germany, as Ghana’s 8th largest European export market, plays a pivotal role in the country’s economic landscape. The Ghana Investment Promotion Centre (GIPC) reported that Germany also ranked 8th among the top 10 sources of investments for Ghana, with five projects registered in 2022 alone.

Mr. Ofori-Atta stressed the symbiotic relationship between the two nations, stating: “Germany has contributed over €2.13billion to Ghana’s development”.

He commended Germany’s role under the G20 Compact with Africa (CWA), especially its focus on small and medium-sized enterprises (SMEs), which constitute the backbone of Ghana’s economy.

Through the Compact with Africa initiative, Germany committed €334.10million to enhance foreign direct investment (FDI) flows in key sectors like renewable energy, energy efficiency, finance and governance. Mr. Ofori-Atta expressed optimism that this collaboration would empower SMEs, fostering job creation, innovation and national development.

As Ghana positions itself as the home of the African Continental Free Trade Area (AfCFTA) Secretariat, the collaboration with German businesses is seen as a strategic move. The potential benefits extend beyond bilateral ties, offering German firms a head start in reaching the broader African market.

The Ghana Investment Promotion Centre is actively developing an Investment Code to attract both domestic and foreign strategic investments, signalling Ghana’s commitment to nurturing a favourable investment environment.

At the inaugural Mutual Prosperity Partnership Roundtable, Deputy Ambassador of the Federal Republic of Germany to Ghana Sivine Jansen highlighted the long-standing business relationship between Germany and Ghana across diverse sectors. She underscored the need for mutual growth, emphasising that a few key steps could accelerate the business relationship.

Acknowledging the government’s efforts in revenue mobilisation, Ms. Jansen encouraged a more transparent approach in the relationship between businesses and tax authorities. She expressed concerns about some German companies contemplating exiting the Ghanaian market due to unfavourable conditions.

Ms. Jansen urged the government to address challenges related to application and administration of regulations, emphasising the importance of a level playing field for businesses.