Veep opens 3rd German-African Business Summit in Accra

Vice President Dr Bawumia (fifth from left) in a meeting with the German deligation

Vice President Dr Bawumia (fifth from left) in a meeting with the German deligation

About 750 high-ranking representatives from business and politics from Germany and Sub-Saharan Africa have converged on Accra for the 3rd German-African Business Summit (GABS).

The two day event, being hosted by Ghana for the first time, is a platform for German and African businesses to discuss finance and allied issues, network and explore economic partnerships.

The Sub-Saharan Africa Initiative of German Business (SAFRI) is the organiser of the summit where companies that impact on developing countries and emerging economies, are expected to receive awards.

Addressing participants at the opening yesterday, the Vice President, Dr Mahamudu Bawumia announced that by June this year, the government would discontinue using cash for its services and adopt electronic payments.

This, he said would be made possible through the Mobile Money Interoperability (MMI) infrastructure which has enabled mobile wallet to bank transactions and also ease payments for goods and services.

He said the system was one of the ways the government was formalising the economy to attract more investors aside from the digital addressing system, paperless port services, digital land administration and national ID system.

“By middle of this year because of this MMI infrastructure, government is going to move away from using cash for government services. We are going to do all government transactions in electronic payment,” the Vice President said.

Highlighting the essence of the MMI infrastructure, he said it had brought financial inclusion as the more than 3.5 million subscribers were finding it easier to do bank transactions.

He hinted that more reforms would be introduced in the trade and industry sector soon to enable the country improve its ease of doing business and attract more investors.

He pointed out that cabinet had also discussed an auto policy framework and would soon be operational to streamline activities in the emerging auto market in the country.

Dr Bawumia said the government was building a strong economy to put the country at the fore front of the development on the continent by making the country the preferred choice of investors.

He said the government would continue to deepen its ties with Germany for mutual benefit and urged German businesses to patronise trade opportunities in the country.

Dr Gerd Müller, Federal Minister of Economic Cooperation and Development, Germany revealed that a one billion euro investment fund had been set up to mitigate risks for German companies that invest in Africa in a bid to attract more investment in Africa.

He praised Ghana’s “impressive” economic growth and announced his country’s plans to provide support for agriculture and other sectors of the economy in addition to vocational training for Ghanaian youth.

He said the setting up of a regional office in Ghana was a forerunner of more business opportunities and job creation and therefore, called for transparency in doing businesses, stable democracy and the institution of business friendly measures to retain and attract more investors.

Professor Dr Heinz-Walter Grobe, Chairman of Sub Sahara Africa Initiative of German Business was upbeat about the business relations that would be forged through the summit.


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