A new service for German companies and their local partners in Ghana has been launched to close the financing gaps hampering trade activities between both countries.
The service, which is known as the German Desk – Financial Support and Solutions, was opened in Accra in collaboration with Access Bank (Ghana) Plc, the Delegation of German Industry and Commerce in Ghana and the Government of Ghana represented by the Finance Minister, Ken Ofori-Atta and the Bank of Ghana governor, Ernest Addison.
The German Desk is a service being offered to German and Ghanaian SMEs to enable them to gain access to financial support and solutions.
This would be done via point of contact that combines all the products and services offered by Access Bank with the network and support of the Delegation of German Industry and Commerce and the DEG.
The range of services extends from setting up a bank account through trade finance products and transaction banking to credit lines or investment financing for local companies wishing to acquire German equipment.
In this way, companies will also be assisted in the process of preparing foreign direct investments in Ghana and can benefit from the combined network from the collaborating entities.
Finance Minister, Ken Ofori-Atta, in his address lauded the initiative saying “this comes at a time when Ghana has launched an economic transformation programme to modernize and elevate Ghana to engage competitively with the rest of the world through trade and investment.”
On his part, the Governor of the Bank of Ghana, Dr Ernest Addison says the banking sector reform has given more confidence to foreign investors.
Why the German Desk
Ghana is one of Africa’s emerging economies and is getting ever more interesting for German companies. However, the limited access to attractive and tailor-made financing solutions is a major obstacle to the development of trade between German companies and their local counterparts in emerging and developing countries such as Ghana.
The global network of German Desks spans from Peru, via Kenya and Nigeria to Indonesia and Bangladesh. German Africa Business Summit (GABS) set the stage for the opening of the sixth German Desk, the third of its kind in Africa.
In practical terms, the German Desk Ghana will provide financing solutions for local companies wishing to acquire German equipment or use German services.
Those also include financial services, such as setting up accounts, providing short to medium-term credit lines, services for financing trade and transaction banking.
Speaking on the launch of the specialized desk, the Deputy Group Managing Director of Access Bank Plc, Roosevelt Ogbonna, indicated the initiative does not only give the bank a competitive advantage in the industry but also goes to show the Bank’s expertise in providing customer need-based solutions across all its operating countries.
He added, “This partnership with DEG is the first of its kind in Ghana and mirrors our successes in Nigeria. We are leveraging on the global investment footprints of our partners and our strong local industry expertise to close the financing gaps hampering trade activities in Ghana and the sub-region.”
The German Desk – Financial Support and Solutions in Ghana is already the second of its kind between Access Bank and DEG.
The first one has been active in Nigeria since October 2017, where the new services have been very well received.