German Economics Minister Hails Ghana's 'Impressive Economic Progress'

The Minister of Economic Cooperation and Development for the Federal Republic of Germany, Dr Gerd Muller, has lauded the Akufo-Addo government's "impressive progress on the economic front" which has made the West African country one of the fastest growing economies in the world and a preferred partner of his country.

Ghana also has an enviable reputation in the league of democratic nations, according to Dr Muller, and coupled with a stable macro- and micro-economic outlook, Germany is happy to partner Ghana as she moves towards the next stage of her development.

Speaking at the 3rd German-African Summit (GABS) in Accra on Tuesday, 12th February, 2019, Dr Muller stated,

"Ghana's new government has made impressive progress on the economic front. You have one of the highest growth rates in Africa, 8.5%. Five of the world's 10 fastest growing economies are in Africa, and Ghana is one of them, on the top."

He continued, "Ghana is a stable democracy and a pillar of stability in the region. Your country is a Reform Partner Country and Compact with Africa Partner country for Germany. As part of these partnerships, we support your policies, Mr President for stronger economic performance, and for infrastructure development, especially in the areas of energy, health and training."

Dr Muller also praised Ghana for the "important progress" in the fight against corruption, emphasising that it was a key factor in any investment decision.

"The most important basis for investors is legal certainty and reliable contracts. Ghana has made important progress on fighting corruption over the last years; that is very important for investors. The countries of West Africa and Ghana in particular have the potential and the will to achieve progress and reforms; we are all convinced of it. Germany's policy makers and business community stand by you, and the visit of our President and today's programme are proof of it."

Dr Muller pledged special support for more investment in vocational training over the next few years in Ghana, with the aim of creating training spaces for at least 25,000 young persons in the next three years, saying "that is the German way to do business. Investment should not only be about money and business but also investment in the future of your youth."

The German-African Business Summit (GABS) is Germany's signature business event in Africa at which top business and government leaders from Germany and sub-Saharan Africa meet every two years in the continent to discuss and promote economic relations.

It is being attended by over 350 German and African companies and 16 German Ambassadors from African countries like Equatorial Guinea, Benin, Guinea, Liberia, Nigeria, Tanzania and Togo will come to Accra to discuss the future potential for German-African business relations. Germany's Deputy Minister for Economic Affairs and Energy, Thomas Bareiss is also attending the Summit.

The Vice President of the Republic, Dr Mahamudu Bawumia, gave the opening address.

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