Ghana to strengthen partnerships with German companies – Bawumia

Company News of Wednesday, February 13, 2019

Source: ghananewsagency.org

2019-02-13

Vice President Mahamudu Bawumia on Tuesday badured that the government was determined to strengthen the partnership with the German business community in a mutual interest.

He said that the administration led by Nana Akufo-Addo had made considerable efforts to stabilize the macro-economy over the past two years, in order to attract trade and investment to the country.

He cited, for example, economic growth, which rose from 3.7% in 2016 to 8.5% in 2017; the budget deficit rose from 9.3% in 2016 to 3.6% in 2018 and inflation went from 15.4% in 2016 to 9.3%, underlining that the stability of the macroeconomy also helped the real sector ".

"We know that this stability of the macroeconomy is not a simple game, but we must continue to make sure to maintain it to attract domestic and foreign investors," he said.

Vice President Bawumia made the remarks at the opening of the Third Summit of German-African Businesses organized by the German Business Initiative for Sub-Saharan Africa (SAFRI) in Accra.

GABS is the unmissable event for German companies in Africa. Every two years it brings together more than 750 German and sub-Saharan business leaders and governments to discuss and promote economic relations between Europe's largest economy and the fastest-growing region in the world.

The GABS is chaired by Professor Dr. Heinz-Walter GloBe, Chairman of the Board of B. Braun Melsungen AG.

The platform allowed African business leaders and their counterparts in Germany to interact and build networks to strengthen their economic partnerships and explore investment opportunities.

Vice President Bawumia praised the government's transformation policies, said the latter had put in place digital-based policies to address the country's challenges and had mentioned the smart driver's license and registration vehicles, the national badet addressing system, e-commerce and the registration of the ePbadport, National Identification System in Progress (Ghana Card), among other innovative programs, aimed at providing a "Flexible infrastructure" for Ghanaians and potential investors to build on for smooth business transactions.

He added that this "soft infrastructure" would guarantee efficient services and make the nation the best business-friendly business economy in Africa to attract trade and investment. "We are building a" flexible infrastructure "that will support the growth of this economy."

The vice president announced that, by the second quarter of this year, the distribution of essential drugs to the aid of drones to remote communities would begin.

He said the government is building a stable and resilient economy that can withstand internal and external shocks and strike the right balance between fiscal consolidation and growth.

He added that he had pbaded the Financial Accountability Act to limit the budget deficit to less than five percent and had set up a tax council composed of eminent personalities and financial experts, charged with advising the government on the implementation of tax policies favorable to the economy.

The vice president badured that Ghana would stop exporting raw materials and add value to agricultural products, citing the "One District, One Factory" initiative as an example for strategically developing mineral resources. to earn more currency for the nation.

He said the Cabinet had adopted an auto policy aimed at providing a framework for regulating the auto industry to ensure mental health, noting that the discovery of more oil and gas Offshore gas from Cape Three Points would provide a good opportunity for the pharmaceutical industry to grow and increase the production of fertilizer.

Vice President Bawumia, who is the head of the economic management team, said the transformation and modernization of the economy were intended to support the vision of "Ghana Beyond Aid" because the world is now focused on data, which would ensure efficient service delivery.

These initiatives, he said, are in tune with other government programs aimed at accelerating the digitization of the economy, noting that mobile money payment interoperability with 34.5 million accounts would improve financial inclusion and bridge the gap between the bank population and the non-bank population.

"The future belongs to Africa because the evolution of the situation around the world is showing increasing attention for Africa, because it is a major growth pole for the future," he said. observed.

Dr. Bawumia pointed out that by 2050, Africa will become the most populated continent in the world. It was therefore essential to use the demographic dividends of Africa to his advantage by educating the population and putting in place the infrastructure and policies necessary to carry out his development program. .