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Tue, Nov

SIEMENS COMING TO GHANA: AKUFO-ADDO CHASES INVESTMENT

Business & Economy

President Nana Addo Dankwa Akufo-Addo says his government will continue to work hard to attract more investment into Ghana.

President Nana Addo Dankwa Akufo-Addo says his government will continue to work hard to attract more investment into Ghana.

 

This will help ensure that the country will continue to progress and meet the growing needs of its citizens.

“We are not resting on our oars. We will continue to work hard to attract investors, both domestic and foreign, to come to Ghana, so that we can unleash the sense of enterprise, creativity and innovation of the Ghanaian people, and help build a progressive, prosperous Ghana whose citizens live in harmony and security,” he said yesterday.

G20 Compact

President Akufo-Addo made these remarks at the G20 Compact with Africa conference in Berlin.

The President also disclosed that a German conglomerate, Siemens AG, the largest industrial manufacturing company in Europe, will soon announce a decision to establish a presence in Ghana.

According to President Akufo-Addo, the decision by Siemens to establish a presence in Ghana, as well as one by the German car manufacturing giant Volkswagen, is an indication that his government is doing something right.

HL Hamburger Leistungsfutter GmbH, a leading manufacturer and supplier of specialist and compound feeds in Germany, has also signed an €8 million agreement to invest in the Ghanaian company Agricare Ltd.

The investment by HL Hamburger in Agricare comprises a full technology transfer of animal feed formulas and sales. The German company will also help Agricare utilise more locally grown raw materials in formulating its domestic feed line.

Ghana Beyond Aid

“My government’s vision of moving our country to a situation beyond aid, ie, a ‘Ghana Beyond Aid’, is aligned with Germany’s Compact with Africa programme,” Akufo-Addo said.

“Under my leadership, we are determined to discard the mindset of depending on aid, charity and handouts, and aim towards becoming self-reliant in the context of strong global co-operation.”

The President continued: “We are well aware that in order for Ghana to harness the full benefits of the Compact Programme, whose objective is to ensure more private-sector investment, we have to get our act together. We have to create an enabling environment for foreign and domestic investment in Ghana not just to survive, but to thrive.”

It is for this reason that Akufo-Addo’s government has spent the past 21 months improving the fundamentals of the Ghanaian economy, the president said, because: “We believe that an improved macroeconomy is a basic requirement for stimulating the investment we need for the significant expansion and growth of the national economy, and the generation of wealth and jobs.”

Empower private sector

The President said his government has initiated and implemented policies to encourage and empower the private sector to grow the Ghanaian economy within a sustainable macroeconomic framework.

“We believe that when the private sector flourishes, and when our enterprises become competitive, not just on the African continent, but also in the global marketplace, then we can create the thousands and thousands of jobs our teeming masses of unemployed youth crave,” he said.

The President expressed confidence that if respected, the premise on which the Compact with Africa conference is being held will enable Germany and other Compact with Africa countries to reshape their economies and chart a new path for growth that will benefit all parties.

President Akufo-Addo also used the occasion to congratulate Angela Merkel on the exceptional quality of her leadership in Germany and Europe over the past 12 years. Chancellor Merkel has announced that she will not seek re-election in 2021.

“The Ghanaian people and I regret her departure very much, for she has been one of the most outstanding leaders of modern times. We shall miss her very much,” the President said.

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