The two countries signed a €100 million ($118 million) bilateral Investment and Reform Partnership agreement to promote private investment in renewable energy and vocational training in Ghana.
According Ghanaian government, the agreement is part of Germany’s G-20 Compact with Africa for sustainable economic development.
The partnership with Ghana is aimed towards improving conditions for sustainable private sector investment― investment in infrastructure, economic participation and employment in the country.
Following the signing of the agreement, the countries Presidents addressed a joint press conference where President Akufo-Addo described relations between the two countries as excellent, adding that “Ghana is the third biggest trading partner of Germany in sub-Saharan Africa.”
Akufo-Addo described renewable energy an extremely important area of priority to the West African.
“We have significant hydro resources as we all know and we believe that going down the road, a mixture of hydro and renewable energies represents the best mix for the energy generation of the future and we are hoping again that this is an area where we can have a meaningful intercourse with Germany,” he said.
On his part, President Frank-Walter Steinmeier noted that relations between Germany and Ghana have a long standing tradition which, in the last years have been given additional impetus and grown immensely.
“As far as German businesses and industry is concerned, I can say compared to other African countries, the infrastructure and the investment condition and climate is much better here and German businesses and industry is happy to go invest where there is democracy like Ghana where you have a tradition of stability,” Steinmeier said.