Business News of Monday, 26 June 2017

Source: http://dailyguideafrica.com

German G20 Presidency supports Ghana

The German G20 Presidency’s resolve to renew efforts of cooperation and enhance sustainable economic development saw it launch the G20 Africa Partnership recently.

This was three weeks before the G20 Summit in Hamburg where Africa was, for the first time, high on the G20 agenda.

The partnership aims to support reliable financial frameworks in order to increase investment opportunities, push for a more sustainable infrastructure, as well as create jobs in African countries, thereby contributing to the AU Agenda 2063.

A statement by the German Embassy in Accra, which gave more insights into the partnership, said it intends to support related political initiatives of the G20 and facilitate joint commitments (investment compacts) between African countries, G20 Partners and international financial institutions.

Nine African heads of government, including President Nana Addo Dankwa Akufo-Addo, numerous ministers, and heads of the World Bank, the International Monetary Fund (IMF) and the African Development Bank gathered with Federal Chancellor of Germany, Dr. Angela Merkel, German Minister of Finance Dr. Wolfgang Schäuble and the German Development Minister Dr. Gerd Müller in Berlin to discuss issues of central importance for the continent’s future in Berlin.

They also discussed how to forge ahead a new partnership between the 20 most important industrialised and emerging countries and Africa.

During the G20 Africa conference in Berlin, Ghana was selected as one of the seven compact countries, with the others being Tunisia, Côte d’Ivoire, Senegal, Rwanda, Morocco and Ethiopia.

Three compact countries will additionally enter into a reform partnership with Germany.

On the margins of the conference, Development Minister Müller signed declarations of intent with Ghana, represented by Minister of Finance, Ken Ofori-Atta, as well as with Tunisia and Côte d’Ivoire.

In the declaration of intent, Germany and Ghana agreed to intensify their cooperation in the fields of Renewable Energy, Technical and Vocational Training and Financial Sector Development.

In these fields, Germany is willing to invest up to 100 million EUR for the first year to improve the climate for private investment, thus creating better employment prospects.