Dr Mahamudu Bawumia
The UK and Ghana have launched a new investor group aimed at promoting mutually beneficial investment opportunities between the two countries.
The business-led UK-Ghana Investor Group will include investors from the UK and key investment facilitation agencies in Ghana and the UK.
The group will focus on identifying leads on viable projects in areas such as textiles, pharmaceuticals, and agro-processing.
It will also provide support to package the projects and find UK investment. The announcement was made at the 8th UK-Ghana Business Council meeting in London, where the two countries committed to strengthening trade and increasing investment.
The Trade Partnership Agreement (TPA) Committee held its first meeting 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 is currently worth around £2.2 billion.
The trade in goods and services increased by £778 million between 2021 and 2022.
Andrew Mitchell, Minister for Development and Africa, highlighted the importance of the economic partnership between the UK and Ghana.
He said that “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 has supported more than £223m of investment in infrastructure across the country since its formation in 2018.
The meeting also saw the announcement of £1 million of funding for developing infrastructure projects and increasing carbon markets to support Ghana’s economic recovery from Covid-19. London will host the 2024 UK-African Investment Summit, bringing together political and business leaders, as well as representatives of international and regional organizations from the UK and African countries, including Ghana.
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.
By Vincent Kubi