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“G20 Compact With Africa Has

Been Very Beneficial To Ghana” –
President Akufo-addo
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“Since signing the Compact, we, in Ghana, have tackled systematically the
structural challenges which have inhibited our drive towards becoming “Africa’s
Investment Hub”. This has been done through the implementation of targeted
policies across focus areas, such as establishing macroeconomic stability,
enhancing domestic revenue mobilization, improving fiscal risk management, and
strengthening our business legal and regulatory frameworks to de-risk private
investments.”

These were the words of the President of the Republic, Nana Addo Dankwa Akufo-
Addo, on Friday, 27th August 2021, when he delivered his remarks at the G20
Compact with Africa Summit in Berlin, capital of the Federal Republic of Germany.

Speaking at the Summit, the President noted that COVID-19 has exposed deep
structural fragilities in Africa that require urgent attention, particularly in relation
to green growth, climate-conscious industrialisation, and the creation of resilient
economies.

“As one of the few economies to have recorded positive growth in 2020, Ghana
has, so far, had a strong start to 2021, despite the ravages of the pandemic. With
the economy recording a growth rate of 3.1% and 8.9% in the first and second
quarters of this year, respectively, reflecting the impact of Government’s COVID-19
containment measures and recovery interventions, we believe we are on course to
return on nation onto the path of steady economic growth,” he said.
In spite of these, President Akufo-Addo indicated that Ghana is still confronted
with numerous challenges in the areas of healthcare delivery, access to education,
the provision of decent housing, developing our road and railway networks, and
funding the GH¢100 billion Ghana CARES programme, aimed at revitalising the
economy. 

He added that with public debt levels in Ghana, currently at 77.1% of GDP,
Government has limited the scope for growth through debt-funded large public
investment programmes, bringing into sharp focus the importance of
interventions such as the Compact with Africa initiative. 

“I am particularly happy that, in the past year, Volkswagen (VW) has partnered
with a Ghanaian company to establish a vehicle assembly facility. MoUs have also
been signed with Voith Hydro Holding for the supply of technologies for the
construction of a hybrid solar-hydro power plant attached to the Bui Dam project,
and with Robert Bosch Packaging for the supply of technologies for the
construction of a vaccine factory,” the President said. 

He continued, “Ghana is also grateful for the support received so far under the
Compact towards the establishment of the Development Bank of Ghana (DBG).
The vision for the Development Bank is guided by the history of KFW, which has
played an essential part in Germany’s post-World War 2 recovery experience, and
we are optimistic that DBG, when launched, will efficiently deploy resources across
key business sectors, fulfil our ambition of rapidly creating a prosperous economy
that offers opportunities for all, and accelerate Ghana’s path towards economic
and social transformation.”

President Akufo-Addo was confident that Ghana’s ongoing partnership under the
CWA “will guide us, as we work towards effective economic recovery from the
debilitating effects of the pandemic”. 

With other African Heads of State present, he urged them to help build an Africa,
capable of safeguarding her environment, founded on the creativity, enterprise
and industry of her citizens; and an Africa that welcomes investments, and trades
in the global market place at the high end of the value chain.

To the German Chancellor, Angela Merkel, who was presiding over her last
Compact meeting, President Akufo-Addo wished her a very fond farewell “as she
goes off into a well-deserved retirement, after sixteen (16) years of arduous,
productive work as German Chancellor. Frau Merkel, you will be sorely missed by
many in Africa, especially by those of us in Ghana.” 

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