The UK and Ghana have today launched a new investor group to help
identify mutually beneficial investment opportunities for both
countries in a boost to the existing economic partnership.
The announcement at the 8th UK-Ghana Business Council meeting in
London, co-chaired by the Minister for Development and Africa,
, the Minister for
International Trade, , 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.
Support for Ghana’s economic recovery from Covid was also
announced, with £1 million of funding for developing
infrastructure projects and increasing carbon markets.
, Minister for Development
and Africa said:
“The economic partnership between the UK and Ghana is
thriving, with ever increasing bilateral trade and our new
investor group set to find fresh opportunities for businesses
both here in the UK and Africa. 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. Today, bilateral trade
between the UK and Ghana is worth around £2.2 billion, with the
trade in goods and services increasing by £778 million between
2021 and 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.
Next April, London will host the 2024 UK-African Investment
Summit, bringing together political and business leaders, as well
as representatives of international and regional organisations
from the UK and African countries, including Ghana, as a further
boost to trade and investment.
[ENDS]
Notes to editors:
· The preferential
tariff terms provided by the UK-Ghana TPA are instrumental in
sustaining sectors like banana and tuna exports, for which the UK
is a major market. 21% of Ghana’s bananas are exported to the
UK. More here.
· Ghana is the UK’s
fourth-biggest export market in sub-Saharan Africa, total UK
imports from Ghana amounted to £1.3 billion in 2022.
