Key ingredients to Germany’s economic success: Lessons for Ghana

  1.  Relatively stable and flexible labour markets from post-unification reforms. Stronger bond exists between workers and employers.
  2. Germany benefited from the Euro….cheaper currency vis-a-vis weaker export neighbours meant boost for German exports making them cheaper to overseas consumers and markets.
  3. German workers work fewer than than most in the OECD. Annually, Germans work 1,413 hrs compared to Mexico 2,250hrs, Chile 2,057 hrs and Greece 2,032 hrs.
  4. Culturally, Germans are uncomfortable with the concept of borrowing money and prefer to live within their own means.
  5. Germany’s industrial strength is the country’s education system. Focused on giving people requisite job skills. 50% of all youngsters in upper secondary school are in vocational training, and half of these are in apprenticeships. This provides fundamental support to the country’s established and powerful manufacturing base.
  6. The backbone of the German economy is stable, small-scale family businesses.
 

About the Author

Theo Acheampong
Theo is an economist and social media enthusiast who provides regular commentary on socioeconomic and political developments in Ghana and Africa at large. Theo is passionate about leadership, entrepreneurship and the role of innovative technologies in solving Africa's developmental challenges.