The German Corporation and Ministry of Trade and Industry has entered into a new agreement to develop some industrial parks in the country.

The move also seeks to support the growing automobile industry to meet international standards.

The German Cooperation is committed to supporting Ghana’s 10-point Industrial Transformation Agenda with an investment amounting to 540,000 euros through a grant agreement, to support industrial park development and to establish an Automotive Desk at the Ministry of Trade and Industry.

The cooperation will contribute to the development of selected industrial zones and parks, in collaboration with local and international parks developers.

In 2017, the Government of Ghana launched a 10-point Industrial Transformation Agenda to expand the manufacturing sector, reduce unemployment and accelerate socio-economic development.

The third pillar of the 10-point Transformation Agenda – Strategic Anchor Industries – is intended to position Ghana’s industrial landscape around certain industrial sectors and products.

This includes prioritizing investments into industrial parks and special economic zones for sectors such as automobile and vehicle assembly.

The grant agreement between MoTI and GIZ contributes to the implementation of programmes under the Industrial Transformation Agenda.

Trade and Industry Minister, Alan Kyerematen expressed confidence that the cooperation between the two parties will transform the automotive industry and attract more German investors into the industrial park initiative.

“The Government of Ghana, through the Ministry of Trade and Industry, is working towards developing Ghana as an Automotive Hub for West Africa in collaboration with leading vehicle manufacturing companies such as Volkswagen. In this regard, government appreciates the support of the German Cooperation for the Ghana Automotive Development Programme and the Industrial Park and Special Economic Zones Initiative” Alan Kyerematen said in his keynote address at the signing ceremony.

The grant agreement was signed by the Country Director of GIZ Ghana, Regina B Barbosa and Patrick Yaw Nimo, the Chief Director of the Ministry of Trade and Industry.