Insurance for German companies investing in Ghana

Hamburg (Germany) -- Germany is ready to extend the Hermis Insurance cover to German companies, which choose to undertake business in Ghana.

Delivering the keynote address at a symposium on the theme: "Ghana-Gateway to West Africa" held in Hamburg on Friday, President John Agyekum Kufuor said the decision was the outcome of a meeting held between a government delegation and Chancellor Gerhard Schroeder held at the Federal Chancellery in Berlin.

Under the Hermis Insurance Scheme, the German government would insure companies and investors who undertake ventures in Ghana as a guarantee that their investments were secured from risks.

Since 1961, Germany has been one of the most consistent and generous of Ghana's development partners, President Kufuor said Africa has been seen as a continent of wars, famine and instability, which cannot be denied because the West Africa Sub-Region has been plagued with instability.

"Despite this, there is now a strong commitment to peace and good governance in the sub-region with Ghana taking the centre-stage", he added. President Kufuor said his government has instituted measures to ensure a disciplined financial regime that would enable businessmen plan ahead and take informed decisions.

President Kufuor said, as some of the measures the Ministry of Private Sector Development was established to assist businessmen and investors deal with the red tape and bureaucracy that bedevilled business people and investors.

He said apart from a sound financial and macro-economic atmosphere, business required the right political and social atmosphere. "Hand in hand with the disciplined financial and economic regime, therefore, government has determined to adhere strictly to the rule of law," he added.

President Kufuor said the judiciary was being strengthened to dispense fast and unbiased justice. He said government was determined to protect property rights and guarantee that investors were free to bring in and take out their monies with pleasure.

President Kufuor said government was prepared to enter into bilateral agreements to protect and promote foreign direct investment to re-assure their development partners that their monies would be safe in Ghana.

"The atmosphere is right, the workforce is enthusiastic and there is a business-friendly government in place. We want to make Ghana a prosperous country, come and partner us', he stressed.

Mr Nikolaus W. Schues, vice-president of Humburg Chamber of Commerce said the symposium was to assist and encourage businessmen from Hamburg to identify and unearth business opportunities in Africa.

He said the chamber was prepared to offer support for African products to have access to European Markets. Mrs Bianca Buchmann, president of the African Association said the association was prepared to assist guide and transform uncalculated risks into viable assets for business.