In an effort to strengthen their current economic connection, the United Kingdom (UK) and Ghana today (Thursday, June 8) established a new investor group to assist in locating business ventures that would be profitable for both nations.
The announcement was made at the 8th UK-Ghana Business Council meeting in London, which was co-chaired by Vice President of Ghana Dr. Mahamudu Bawumia, Minister for Development and Africa Andrew Mitchell, Minister for International Trade Nigel Huddleston, and Minister for Development and Africa Andrew Mitchell.
The business-led UK-Ghana Investor Group, which will include UK investors and important investment facilitation organisations in Ghana and the UK, will assist in finding leads on feasible projects in industries including pharmaceuticals, textiles, and agro-processing and will also support the project's packaging.
Covid also pledged support for Ghana's economic recovery, including £1 million in funds for expanding carbon markets and building infrastructure initiatives.
Minister of Development and Africa Andrew Mitchell stated:
"The UK and Ghana's economic cooperation is booming, with bilateral commerce growing every year, and our new investor group is poised to uncover new commercial possibilities for companies operating both here in the UK and in Africa. Together, we are increasing our long-standing economic ties and generating employment for both of our economies.
Following the inaugural meeting of the Trade Partnership Agreement (TPA) Committee in April of this year, the UK-Ghana Business Council meeting was held. The UK-Ghana TPA gives Ghanaian exporters duty- and quota-free access to the UK market. Today, trade between the UK and Ghana is valued at over £2.2 billion, with an increase of £778 million in goods and services traded between 2021 and 2022.
Minister Huddleston said in a statement before the meeting:
"This Council has significantly increased commerce with Ghana by backing transactions worth hundreds of millions of pounds in a range of industries, from textiles to agriculture.
"I look forward to discussing how we can strengthen supply chains and lower trade barriers to further our trading relationship and support Ghana's economic recovery."
The Council has supported more than £223 million in infrastructure investment since its establishment in 2018, opening doors for UK and Ghanaian companies.
As a further boost to trade and investment, London will play host to the 2024 UK-African Investment Summit, which will bring together political and commercial leaders as well as members of international and regional organisations from the UK and African nations, including Ghana.
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