He said the country continued to be a haven of peace, security and stability where the rule of law worked with the private sector providing the right support to form partnerships with investors towards boosting the “Ghana beyond Aid” agenda. 

President Nana Addo Akufo-Addo, together with Angela Merkel, both addressed the forum via a video conference.

It was organised under the ambit of the G20 Compact with Africa, which was hosted by the International Finance Corporation (IFC) in collaboration with the Africa Centre for Economic Transformation (ACET).

The IFC G20 Compact Forum is the first in the series and marks the beginning of putting the Compact into practice in Africa. President Akufo-Addo said he had been advocating for a relationship with the rest of the world on training and investment cooperation, which was the most effective way to guarantee progress and prosperity for the mass of Ghanaians and enhance the standards of living.

He said he was delighted of the decision by German Chancellor Angela Merkel to align her government’s traditional development support to that of “Ghana beyond Aid” agenda.     He praised Germany’s efforts that led to the G20 Compact with Africa, which was ensuring more private sector investments.

The President said Ghana’s macroeconomic indexes were pointing to the right directions based on the prudent measures put in place. He expressed his determination to work to create the most-friendly business economy in Ghana to enable the private sector to thrive.

Mr Ken Ofori-Atta, the Finance Minister, said the private sector had been put at the centre of the German/Ghana Business Partnerships and that Ghana was pushing the right legal frameworks to make businesses thrive.

The measures include developing the Companies Code, revising of the GIPC Law, and launching the new public investment management system. He urged new investors to take advantage of the G20 Compact and do business with Ghana.

Mr Olaf Scholz, the Federal Minister of Finance, who also spoke via video conference, said a prospering Africa was essential in achieving a world-wide sustainable growth and development. He said with Africa’s young population, the Continent offered a great economic potential, with the private sector pushing that growth.

He said Ghana and other countries under the G20 Compact with Africa could count on Germany’s support to achieve its tenets to boost economic growth.  Mr Robert Ahomaka Lindsay, the Deputy Minister of Trade and Industry, emphasised the need for training and the provision of specific incentives for the private sector to boost their operations.