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Business News of Tuesday, 12 February 2019

Source: goldstreetbusiness.com

3rd German-African Business Summit opens in Accra with emphasis on SMEs

The German Chamber Network (AHKs) and the German Embassy are staging the third German-African Business Summit (GABS) from February 11-13 drawing in top business and government leaders from Germany and sub-Saharan Africa.

The meet will have in session at the Kempinski Hotel Gold Coast City, a delegation from the German Industry and Commence deliberating with government officials and private business operators on ways to promote economic relations between Europe’s largest economy and Africa’s shining light with emphasis on small and medium-sized enterprises (SMEs).

At a February 7, press briefing at the AHK Ghana Octagon office in Accra Central, Dr. Michael Blank, a delegate to the 3-day German-African Business Summit (GABS) stated the summit was the biggest in Africa as 500 participants from Germany and African states will be in session including the Deputy Minister of Economic Affairs and Energy .

He noted, Germany sought partnership from Africa and takes the summit seriously supported by 16 ambassadors from African states and Germany who are in because of the summit.

Topics to be treated include the potential of the manufacturing sector, new investment fields for German companies, African entrepreneurship and how African companies can also establish bases or partner German companies in supplying products and tapping into Germany’s strong skills sect.

German Ambassador to Ghana, Christoph Retzlaff noted 450 representatives from German businesses and global businesses with German links will be in the country including heavyweight German political figures such as Economic Cooperation and Development (BMZ) Minister, Dr. Gerd Müller.

He disclosed the German government had recently set up a €1 billion Africa fund to manage risk of German companies reaching out to African countries and their African counterparts also having transactional footprint in Germany.

“The German-Africa Business Summit is a chance for both countries to showcase their potential. It is the reason why partnership rather than charity is emphasized,” Ambassador Retzlaff submitted.

“We take Ghana very serious and as you know the German president and chancellor have been here in the last 14 months and now VW is ready to set up an assembly plant here in Ghana boosting the economy,” he added.

With bilateral relations already strong, Christoph Retzlaff believes it was time to increase business with private local companies and for such companies to get connected to investors who are also looking to invest funds in foreign markets.

Phillip Kuck of the German Development Bank (DEG) in charge of Ghana declared the bank has been supporting the private sector for about 10 years and was looking to scale up operation having already pumped US$2 billion in Africa to create long term jobs.

He said his unit was ready to facilitate relationships between German businesses seeking to have presence in Ghana or partner Ghanaian business in meeting needs of the people.

Mr. Kuck also submitted that they are supportive of small and medium-sized enterprises (SMEs), helping them access funds to continue operation and even expand adding local bank, Access Bank has been a dependable partner.