3rd German African business summit held in Ghana

The German Embassy and German Chamber Network (AHKs) are staging the 3^rd German African Business Summit. The German African Business Summit, also known as GABS, is a signature business event of Germany in Africa and this time sports will also be in focus.

During this summit, government and business leaders from Germany and Sub-Saharan Africa come together to discuss ways to strengthen their economic partnerships. GABS will be held in Kempinski Hotel Gold Coast City to discuss and enhance economic relations

The 3^rd German African Business Summit will be held in Accra, Ghana from 11 to 13 February 2019. During a news conference in at the AHK Ghana Octagon office in Accra on February 7, the German ambassador, Mr. Christoph Retzlaff, and Dr. Michael Blank, a delegate at GABS, said that 500 high ranking representatives from government and business from both German and Sub-Saharan would attend the summit.

The GABS 2019 held in Accra is where Germany and Sub-Saharan economic partnerships are strengthened, business interests meet and where market opportunities and business trends are explored. Topics to be discussed in the summit include African entrepreneurship, the potential of the manufacturing sector and investment fields for German companies.  The summit will also discuss ways that African countries can tap into Germany’s strong markets and even on how they can partner with German businesses in supplying goods.

Over 350 companies from German and Africa have participated in this event which was opened by Ghana president Nana Akufo-Addo. Also, present in the event is German Ambassadors from African countries such as Nigeria, Liberia, Benin, Equatorial Guinea, Togo and Tanzania to discuss and promote potential German-African business relations. Dr. Gerd Muller, who is the German Federal Minister for Economic Cooperation and Development and Mr. Thomas Bareib, Deputy Minister for Economic Affairs and Energy, have arrived in Accra for the 2019 summit.

Apart from focusing on traditional business models and linkages, GABS also brings together cooperates from Germany and key players of Africa’s New Economy also known as start-ups in order to create new synergies. The previous GABS was held in Nairobi, Kenya. During the second day of GABS, those who took part in the German African Entrepreneurship Summit (GAES) would join the conference to meet with potential partners in the old economy. The first GAES was planned by Konrad Adenauer Foundation, Accra.

GABS, which takes place every two years, is organized by Sub-Saharan Africa Initiative of German Business (SAFRI). SAFRI is the voice of business to policymakers in Sub-Saharan Africa and Germany. It is chaired by Prof. Dr. Heinz-Walter GroBe. It is a joint initiative of business federations like the Federation of German Industries (BDI), the German African Business Association (AV), Foreign Trade and Services (BGA), the Association of German Chambers of Commerce and Industry (DIHK) and the Federation of German Wholesale.

SAFRI’s main objective is to promote mutual trade and investment and strengthen cooperation in Sub-Saharan countries. It provides a platform of exchange and supports dialogue between German and African countries.

In the summit, 5 start-ups from different countries in Africa will have the opportunity to pitch before 500 delegates. The start-ups that will emerge winners will be rewarded with mentorship programs and receive more assistance from the companies sponsoring them.

According to the German ambassador, Mr. Retzlaff, the summit would open doors of opportunities for German businesses to invest in Africa. He noted that the investments would create jobs for Africa and spread technology to the world. He disclosed that Germany imports goods at a value of 12 billion US-dollars and exports goods to Africa valued at 14Billion US-dollars annually.

The Ambassador also submitted that the German government had set up 1 billion Euros in the African fund for the purpose of risk management for German companies investing in Africa. The funds were also set to manage risk for African companies that have a transactional footprint in Germany.

Mr. Retzlaff is happy to note that the bilateral relationship between the two countries is strong adding that summit is a huge chance to showcase their potentials. He submitted that this was the reason why the summit is a partnership and not a charity.

The German Desk

A German desk was established as part of the program line up in order to enable companies’ access financial support and solutions that bring together services and products presented by Access Bank with the support industry and commerce. The desk was established together with its partners; Delegation of German Industry and Commerce (AHK Ghana), Access Bank Ghana, the private sector investment branch of Germany’s development bank Kfw, and DEG.

According to Mr. Philip Kuck of the German Development Bank and manager of German Desk, the products and services offered by Access Bank, DEG and AHK Ghana would inaugurate a new service for Ghanaian and German SMEs. Mr. Kuck said that the funds will help SMEs to continue and expand their operations. The services offered range from transaction banking to credit lines, creating bank accounts via trade finance products or offering investment financing to companies that want to export to Germany or acquire German equipment.

Mr. Kuck said that the German Development Bank (DEG) which is in charge of Ghana has been offering great support to the private sector for almost 10 years. He declared that the bank has already given 2 billion US dollars in Africa for the purpose of creating long-term jobs and is looking to scale up operations further. Mr. Kuck said that DEG was ready to enhance relationships for German businesses that are seeking to partner with Ghanaian businesses or want to have a presence in Ghana.

Mr. Michael Blanks, who is a German Industry and Commerce delegation member, said that the 2019 GABS would be one of the biggest German African events to ever be hosted in Ghana. Mr. Blanks was quick to note that Ghana was one of the quickest growing countries in the world. He also said that the 3-day summit would feature both small and large companies from both countries with much focus being on the SMEs. In addition, he expressed that companies dealing with travel and logistics, vehicles, cables, and pharmaceuticals would also take part in the summit.

Mr. Blanks declared that he is expecting such companies to take advantage of Ghana’s growing population to develop and expand their businesses. He hoped that the summit would result in the strengthening of ties in trade, cooperation, and investment which will be beneficial for both Germany and Ghana. Additionally, he emphasized that Africa is more than a development partner. According to him, Africa is a business partner and hence the need for the German African Business Summit.

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