Today, the UK and Ghana unveiled a new investor group, fostering mutually beneficial investment opportunities and strengthening their existing economic partnership.
The announcement at the 8th UK-Ghana Business Council meeting in London, co-chaired by the Minister for Development and Africa, Andrew Mitchell, the Minister for International Trade, Nigel Huddleston, and the Vice-President of Ghana, Dr Mahamudu Bawumia, comes as the two countries committed to strengthen trade and increase investment.
The business-led UK-Ghana Investor Group will include UK investors and key investment facilitation agencies in Ghana and the UK, and will help generate leads on viable projects in areas such as pharmaceuticals, textiles and agro-processing, as well as providing support to package the projects and find UK investment.
Andrew Mitchell, Minister for Development and Africa, revealed that £1 million in funding will be provided to support Ghana’s economic recovery from Covid. The funding will be allocated towards infrastructure projects and the expansion of carbon markets.
Mitchell also highlighted the flourishing economic partnership between the UK and Ghana, citing the growth in bilateral trade and the establishment of the new investor group, which aims to discover new business opportunities for both UK and African companies. By working together we are creating jobs and strengthening our historic trade links, to the benefit of both our economies.”
The UK-Ghana Business Council session follows the first meeting of the Trade Partnership Agreement (TPA) Committee in April this year. The UK-Ghana TPA provides duty-free, quota-free access to the UK market for Ghanaian exports. Bilateral trade between the UK and Ghana currently stands at £2.2 billion, experiencing a £778 million increase in goods and services trade from 2021 to 2022.
Speaking ahead of the meeting, Minister Huddleston said: “This Council has played a huge role in boosting trade with Ghana, supporting hundreds of millions of pounds worth of deals in various sectors, from textiles to agriculture.
“I look forward to discussing how we can take our trading relationship to the next level and support Ghana’s economic recovery by strengthening supply chains and removing barriers to trade.”
Since its formation in 2018 the Council has supported more than £223m of investment in infrastructure across the country and created opportunities for both UK and Ghanaian businesses.
In April 2024, London will host the UK-African Investment Summit, uniting political and business leaders from the UK and various African countries, including Ghana, to strengthen trade and investment.
Source – 3news.com
