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8th UK-Ghana Business Council meets in London to boost £2.2bn trade relationship; UK-Ghana Investor Group launched to identify new investment opportunities and support Ghana’s economic recovery plan; Council announces £1 million to support new business and energy programs in Ghana.
The UK and Ghana launched a new investor group today (Thursday 8 June) to help identify mutually beneficial investment opportunities for both countries in support of the existing economic partnership.
The announcement at the 8th meeting of the UK-Ghana Business Council 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 strengthening trade and increasing investment.
The industry-led UK-Ghana Investor Group will include UK investors and key investment facilitation agencies in Ghana and the UK and will help generate leads for viable projects in areas such as pharmaceuticals, textiles and agro-processing, and provide support to projects and find British investment.
Support was also announced for Ghana’s economic recovery from Covid, with £1 million in funding to develop infrastructure projects and boost carbon markets.
Andrew Mitchell, Minister for Development and Africa said:
The economic partnership between the UK and Ghana is thriving, with bilateral trade ever increasing and our new investor group poised to find new business opportunities both here in the UK and in Africa. By working together, we create jobs and strengthen our historic trade relationship, benefiting 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 trade in goods and services increasing by £778 million between 2021 and 2022.
Before the meeting, Minister Huddleston said:
This Council has been instrumental in boosting trade with Ghana, backing hundreds of millions of pounds worth of deals across sectors from textiles to agriculture.
I look forward to discussing how we can take our trade relationship to the next level and support Ghana’s economic recovery by strengthening supply chains and removing trade barriers.
Since its formation in 2018, the Council has supported more than £223 million in infrastructure investment across the country, creating opportunities for both UK and Ghanaian businesses.
In April, 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, as a further boost to trade and investment.
Distributed by APO Group on behalf of the UK Foreign, Commonwealth and Development Office.
This press release is issued by APO. The content is not checked by the African Business editors and none of the content has been checked or validated by our editors, proofreaders or fact-checkers. The publisher is solely responsible for the content of this announcement.
