Yourpraiseandinspirazion

Yourpraiseandinspirazio

Yourpraiseandinspirations

Akufo-Addo advocates for increased trade and investment co-operation with Germany

President Akufo-Addo

The President of the Republic, Nana Addo Dankwa Akufo-Addo, says notwithstanding the excellent relations that exist between Ghana and Germany, Ghana has decided to turn our back on the old Ghanaian economy, which has been dependent on the production and export of raw materials, and also dependent on aid.

According to President Akufo-Addo, “we want our relations with Germany to be characterised by an increase in trade and investment co-operation.”

The President explained that an increase in trade and investment co-operation between the two countries is the only way to put Ghanaian products at the high end of the value chain in the global market place, and, thereby, create jobs for the teeming masses of Ghanaians, particularly the youth.

President Akufo-Addo made this known on Tuesday, 28th February, 2017, when he delivered the keynote address at the German-Ghanaian Economic Forum, organized by the German Chamber of Commerce, and the Konrad Adenauer Foundation.

Expressing his delight that German Development Co-operation is now being aligned with his government’s vision of moving Ghana Beyond Aid, President Akufo-Addo added that his my administration has implemented measures aimed at attracting investment, domestic and foreign, into Ghana, as well as stimulating growth of the Ghanaian private sector.

“We have introduced a monetary policy that is stabilising the currency and reducing significantly the cost of borrowing; and have initiated a raft of tax cuts that is bringing relief to and encouraging businesses,” he said.



These interventions, the President noted, have ensured that the fiscal deficit, which stood at 9.5% at the end of 2016, has been reduced to 5.6% at the end of 2017, and is projected to go down to 4.5% in 2018.

Additionally, he stated that inflation has declined from 15.6% at the end of 2016 to 10.3% at the end of January this year; the economy has grown from 3.6% in 2016, to 7.9% in 2017, and, this year, is estimated to grow at 8.3%, which would make it the fastest growing economy in the world.

President Akufo-Addo indicated further that Ghanaian industry was undergoing a spectacular revival, a decline in interest rates, a more stable cedi, and, overall, “our macro-economy is growing stronger.”

These measures, he stressed, have been put in place to build the most business-friendly economy in Africa, and create jobs and prosperity for all Ghanaians.

Additionally, he told the gathering that his Government has taken specific measures which will lead the country and its economy into the new digital ag

These include the introduction of an e-business registration system, a paperless port clearance system, a digital addressing system, a mobile interoperability system, and a national identification card system, all of which are designed to formalise the Ghanaian economy, reduce the cost of doing business, and facilitate interaction between businesses and their clients, particularly in a technology-driven era, where connectivity through digital services is an important element in achieving competitiveness.



“I am, thus, notifying the German Business community, to take advantage of the growing business-friendly climate in the country to invest in Ghana,” he said.

The President continued, “Our flagship policies of ‘One District, One Factory’, ‘One Village, One Dam’, and the ‘Programme for Planting for Food and Jobs’ map out areas of opportunity, which I commend to you, as I do areas in the development of renewable energy and ICT growth. We are particularly keen to receive German investment in the area of renewable energy, for reasons that are self-evident.”

Addressing the challenge of the country’s infrastructural deficit, he told the gathering that his government is embarking on an aggressive public private partnership programme to attract investment in the development of both the country’s road and railway infrastructure.

“We are hopeful that, with solid private sector participation, we can develop a modern railway network with strong production centre linkages and with the potential to connect us to our neighbours to the north, i.e. Burkina Faso, to the west, i.e. Cote d’Ivoire, and to the east, i.e. Togo. We believe that this is an area where German and European technology and expertise would be very welcome,” he said.

President Akufo-Addo was confident that Ghana is on the cusp of a new, bold beginning, which will repudiate the recent culture of failure.

“We are determined to lift our country out of the doldrums. We want to use all the blessings that the Almighty has bestowed on us to bring progress and prosperity to our people, in our time. The Black Star is poised to shine and shine again, for, truly, the project is Ghana Beyond Aid,” he added.

Source: yourpraiseandinspirazion

For your praise and inspirations

Absolutely , this is fr your praise and inspired only

Your praise and inspirations continuous

He added that, “The structural transformation of our economies can no longer be postponed. If we are to meet the aspirations of our young people for jobs. The era of Africa’s industrialization has dawned so that we can also trade in the world economy not on the basis of exports of raw materials but on the basis of what we make.Our quest for a single currency is not intended to boost trading of goods in third party countries. It is meant to encourage the production of goods and services within the region. It’s thus incumbent on us to strengthen the production base of our economies and to improve agricultural productivity and industrial production.” 

President Nana Akufo-Addo also emphasized the importance of national security to enhancing trade and transforming one’s economy and the need, therefore, for all governments of member states to strive to attain regional peace and security in their various countries.



“Trade cannot thrive in an environment of insecurity. Our efforts must also be directed towards maintaining regional peace and security, democracy and good governance as well as strengthening the ties of cooperation that exists amongst us,” he stressed.

Eco is the proposed name for the common currency that the West African Monetary Zone (WAMZ) plans to introduce in the framework of Economic Community of West African States (ECOWAS).

ECOWAS was founded with the aim the transforming the sub-region into an economic and monetary union.After its introduction, the goal is to merge the new currency with the West African CFA franc (used by the French-speaking members of ECOWAS since 1945) at a later date. This will create a common currency for much of West Africa 

For the Eco to be implemented, ten convergence criteria, set out by the West African Monetary Institute (WAMI), must be met.

The four primary criteria to be achieved by each member country are:

1. A single-digit inflation rate at the end of each year

2. A fiscal deficit of no more than 4% of the GDP

3. A central bank deficit-financing of no more than 10% of the previous year’s tax revenues 

4. Gross external reserves that can give import cover for a minimum of three months.



The six secondary criteria to be achieved by each member country are:[3]

1. Prohibition of new domestic default payments and liquidation of existing ones.

2. Tax revenue should be equal to or greater than 20 percent of the GDP.

3. Wage bill to tax revenue equal to or less than 35 percent. 

4. Public investment to tax revenue equal to or greater than 20 percent.

5. A stable real exchange rate.

6. A positive real interest rate.

The last ECOWAS single Currency Programme was held in Niamey, Niger in October 2017.

Absolutely for your goodness and inspirations only