Ghana, Germany strengthen economic ties with focus on automotive sector

Ghana and Germany strengthened bilateral ties, emphasizing the automotive sector during their second meeting of the Ghana-Germany Business Council. The meeting aimed to expedite solutions to trade barriers and enhance economic cooperation. Discussions encompassed trade regulations and industrialization, with Ghana encouraging German investment, particularly within the One District-One Factory initiative. Representatives from Ghanaian organizations like the Association of Automobile Assemblers, AGI, GNCCI, and German business delegates attended the session. Notably, Germany ranks as Ghana's eighth largest European export destination and is among the top 10 investors, contributing €2.13 billion to Ghana's development.

Ghana and Germany have intensified their bilateral ties, with a particular emphasis on the automotive sector. On April 15, the two nations convened their second meeting under the Ghana-Germany Business Council, established in 2019. The objective was to address business and trade challenges and foster closer economic cooperation. This gathering delved into trade regulations and industrialization strategies, with Ghana extending invitations to German businesses to invest and collaborate with local partners, especially within the One District-One Factory (1D1F) initiative. Representatives from key Ghanaian bodies like the Association of Automobile Assemblers, the Association of Ghana Industries (AGI), the Ghana National Chamber of Commerce and Industry (GNCCI), and German business delegates participated in the discussions. According to the Ghana Investment Promotion Centre (GIPC), Germany stands as Ghana’s eighth largest European export market and ranks among the top 10 investors, contributing €2.13 billion to Ghana’s developmental efforts. Nana Ama Dokua Asiamah-Adjei, Deputy Minister of Trade and Industry, outlined the meeting's focus on expanding the automotive industry and enhancing value addition. She emphasized the need to finalize agreements and boost local component manufacturing to reduce excessive imports required for production in Ghana. The aim is to provide policy incentives to attract and retain German investors while expanding business opportunities. The Deputy Trade and Industry Minister highlighted Ghana's openness to the private sector and urged German companies to view the country as a prime destination for business, leveraging opportunities for industrialization. She underscored Ghana's positioning as an industrial hub, offering prospects for international businesses seeking new avenues for growth. Overall, the meeting reflects a concerted effort by Ghana and Germany to deepen economic cooperation, particularly in sectors like automotive manufacturing, while capitalizing on mutual benefits and fostering sustainable development