Business News of Wednesday, 31 October 2018
Source: citibusinessnews.com
2018-10-31
President Akufo-Addo signing the deal
Germany’s leading manufacturer and supplier of specialist and compound, feeds, HL Hamburger Leistungsfutter GmbH, has signed an €8 million agreement to invest in Ghanaian company, Agricare Ltd.
The investment from HL Hamburger into Agricare comprises full technology transfer in animal feed formulation and sales.
It is also to enable Agricare utilise more locally produced raw materials in the formulation of feeds.
President Nana Addo Dankwa Akufo-Addo signed the agreement at the 2018 G20 compact with Africa conference in Berlin, Germany.
He expressed delight in Europe’s largest industrial manufacturing company, Siemens AG’s Europe decision to establish its branch in Ghana.
“Siemens’ decision, together with that taken by German car manufacturing giant, Volkswagen, to establish an assembly plant in Ghana soon, are testimonies to the efforts government has put into creating the necessary environment for the private sector to flourish.”
“We are not resting on our oars. We will continue to work hard to attract investments, domestic and foreign, into Ghana, so that we can unleash the sense of enterprise, creativity and innovation of the Ghanaian people, and help build a progressive, prosperous Ghana, whose citizens live in harmony and security,” Nana Addo stressed.
The Ghanaian leader in a speech extolled the German Chancellor Angela Merkel for her exemplary leadership.
“The Ghanaian people and I will regret her departure very much, for she has been one of the most outstanding leaders of modern times. We shall miss her very much.”
“Ghana is delighted with Germany’s decision to re-orient its policy and relationship with Ghana, and, indeed, with Africa, from one based on aid, to relations focused primarily on trade and investment co-operation.”
He reiterated the Ghana beyond aid mantra saying, “My Government’s vision of moving our country to a situation beyond aid, i.e. a ‘Ghana Beyond Aid’, is aligned to Germany’s Compact with Africa programme. Under my leadership, we are determined to discard the mindset of dependence on aid, charity and handouts, and aim towards becoming self-reliant, within the context of strong global co-operation,” he said.
“We are well aware that, in order for Ghana to harness the full benefits of the Compact Programme, whose objective is to ensure more private sector investments, we have to get our act together. We have to create an enabling environment for investments in Ghana not just to survive, but to thrive.”
“It is for this reason that my administration has spent the last 21 months to improve the fundamentals of the Ghanaian economy, because we believe that an improved macro-economy is a basic requirement for stimulating the investments we need for the significant expansion and growth of the national economy, and the generation of wealth and jobs.”
President Akufo-Addo said his government has initiated and implemented policies that are encouraging and empowering the private sector to grow the Ghanaian economy, within the framework of macroeconomic stability.
“We believe that when the private sector flourishes, and when our enterprises become competitive, not just on the continent, but also in the global marketplace, then can we create the thousands and thousands of jobs our teeming masses of unemployed youth crave,” he added.
He was confident that the premise on which the Compact with Africa conference is being held, will enable Germany and the Compact with Africa Countries to re-shape their countries, and chart a new path of growth and development in freedom.
President Nana Akufo-Addo has since left for Paris, France to deliver his keynote speech at the International Economic Forum on Africa of the Powerful Organization for Economic Cooperation and Development (OECD).
Key topics for discussions there are growth employment, migration and development in the wake of Africa’s historic decision for closer integration.