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Ghana signs G20 Africa Partnership Compact
The German government has made Africa one of the priorities of its G20 Presidency as it believes in Africa’s great potential to make a global impact.
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This initiative was launched before the G20 Summit in Hamburg and for the first time Africa was high on the G20 agenda.
The G20 (or G-20 or Group of Twenty) is an international forum for the governments and central bank governors from 20 major economies.
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This partnership aims at supporting reliable financial frameworks in order to increase investment opportunities, push for a more sustainable infrastructure, as well as create jobs in African countries, thereby contributing to the AU Agenda 2063.
According to a statement by the German Embassy in Accra, the initiative is expected to support related political programmes of the G20 and facilitate joint commitments (investment compacts) between African countries, G20 Partners and international financial institutions.
Forging a new partnership between the 20 most important industrialised and emerging countries and Africa was also topical at the summit.
The G20 Africa conference in Berlin also saw Ghana being selected as one of the seven compact countries, with the others being Tunisia, Côte d’Ivoire, Senegal, Rwanda, Morocco and Ethiopia.
Three compact countries will additionally enter into a reform partnership with Germany.
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On the side-lines of the conference, Finance Minister Ken Ofori-Atta and the German Development Minister Gerd Müller signed declarations of intent for this compact.
In the declaration of intent, Germany and Ghana agreed to intensify their cooperation in the fields of Renewable Energy, Technical and Vocational Training and Financial Sector Development.
Germany is however willing to invest up to 100 million EUR for the first year to improve the climate for private investment, thus creating better employment prospects.
The partnership is also expected to open up more opportunities for German companies to operate in Ghana.
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