He said they could also take advantage of the establishment of the African Continental Free Trade Area (AfCFTA), which is headquartered in Accra, to grow their establishments.

Dr Bawumia, who was addressing a Ghana - Austria business forum in Accra yesterday, described Ghana as an investment hub with stable political environment, safe and happy people with strong democratic culture, underpinned by freedom of expression.

He said in the volatile West Africa sub-region, Ghana was the most peaceful country where “we apply the rule of law in a robust and fair manner”.

“Our country also has educated and competitive labour force, skilled and trainable labour and technical and vocational education,” the Vice-President added.

Strengthening relations

Dr Bawumia further said that: “As Ghana and Austria seek to forge stronger bonds, we have to sustain such relationships through improved technical and science-based education, technology and fair trade.”

He said the Austrian Federal Chancellor’s participation in the forum demonstrated their government’s commitment to enhance collaboration between private and public sectors of the two countries for their mutual benefit.

Digitisation

On digitisation, Dr Bawumia said the country was fast growing a digital economy and so had embraced digital technology in addressing emerging challenges.

He also said the country had the fastest growing mobile money market in Africa where its digitisation agenda was de-risking the business and financial environment.

“We see partnerships in ICT, sustainable finance, forestry, education, knowledge economy and health care that would be established during this mission as catalyst that would enhance opportunities, openness and optimism to underpin our future relationship,” the Vice-President added.

A Deputy Minister of Foreign Affairs and Regional Integration, Kwaku Ampratwum Sarpong, also expressed the hope that the forum would enhance the existing economic trade and investment activities between the two countries.

He said the event was an indication of the commitment of the people and governments of Ghana  and Austria to further deepen their cooperation.

Mr Sarpong said the forum would not only identify common interests, challenges and innovative approaches to strengthen business relations between the two countries, but also lead to more Austrian businesses being established in Ghana in joint ventures and partnerships with their Ghanaian counterparts.

Increase trade

The Federal Chancellor of Austria, Karl Nehammer, said trade between his country and Ghana had increased significantly over the years.

He, however, called for partnership of equals which, he said, was important for the mutual benefit of the two countries.

Mr Nehammer said Austria was currently working on a strategy on African for which, he said, they would be seeking advice and input from Ghana.