APRIL 16, 2024

Ghana, Germany strengthen economic ties with focus on automotive sector, 1D1F

Boosting Bilateral Relations: Ghana and Germany Forge Deeper Ties

Ghana and Germany are solidifying their partnership to enhance mutual economic benefits, with a particular focus on bolstering the automotive sector.

Strategic Business Council Meeting: Unveiling Solutions

In a significant move, the two nations convened for the second time since the establishment of the Ghana-Germany Business Council in 2019. The aim? To swiftly address business and trade impediments, paving the way for smoother transactions between the two countries.

Exploring Trade Opportunities: Ghana's Call for German Investment

The meeting delved into trade regulations and industrialization prospects, with Ghana extending a warm invitation to German enterprises to invest and collaborate with local counterparts, especially within the framework of the government's flagship One District-One Factory (1D1F) initiative.

Stakeholder Engagement: Key Players at the Table

Notable attendees included representatives from the Association of Automobile Assemblers Association of Ghana, the Association of Ghana Industries (AGI), the Ghana National Chamber of Commerce and Industry (GNCCI), alongside delegates from the German business community.

Germany's Significance: A Vital Trade Partner

Germany stands as Ghana’s eighth largest European export market, with substantial contributions to the country's development, amounting to €2.13 billion.

Expanding the Automotive Industry: A Shared Vision

Nana Ama Dokua Asiamah-Adjei, Deputy Minister of Trade and Industry, highlighted the focal point of the discussions: expanding the automotive sector and enhancing value addition.

Policy Incentives and Expansion: Ensuring Sustainable Growth

Emphasising the importance of reducing excessive imports, the Deputy Minister affirmed Ghana's commitment to providing policy incentives to attract and retain German investors while expanding local manufacturing capabilities.

Unlocking Opportunities: Ghana as an Industrial Hub

Acknowledging Ghana's strategic position as an industrial hub, Nana Asiamah-Adjei urged German companies to capitalize on the abundant opportunities for industrialization within the country.

Private Sector Empowerment: Driving Economic Growth

The partnership aims to empower the private sector, attract more investments, and foster value addition under the 1D1F initiative, ultimately leading to the creation of sustainable job opportunities for Ghanaians.

Germany's Perspective: Enhancing Business Relations

Mr. Udo Jürgen Philipp, the State Secretary for the German Federal Ministry for Economic Affairs and Climate Action, underscored Ghana's significance as a key partner for German businesses.

Looking Ahead: Strengthening Economic Ties

With the hosting of the African Continental Free Trade Area (AfCFTA) Secretariat, Ghana emerges as an attractive business hub, prompting Germany to deepen its economic relations and address challenges for mutual prosperity.

In conclusion, the collaborative efforts between Ghana and Germany signify a promising trajectory for economic growth, particularly in the automotive sector. As both nations continue to foster strong partnerships and capitalize on emerging opportunities, the stage is set for sustained development and shared success.

Source: MSN