The UK and Ghana have today June 8, 2023, 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, UK, 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.
Support for Ghana’s economic recovery from Covid-19 was also announced, with £1 million of funding for developing infrastructure projects and increasing carbon markets.
Andrew Mitchell, 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", he added.
Since its formation in 2018, the Council has supported more than £223 million 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.
Latest Stories
-
Let’s prioritize research quality in higher education institutions for industrial growth-Prof. Nathaniel Boso
7 hours -
Herman Suede is set to release ‘How Dare You’ on April 24
10 hours -
Heal KATH: Kuapa Kokoo, Association of Garages donate 120k to support project
11 hours -
KNUST signs MOU with Valco Trust Fund, Bekwai Municipal Hospital to build student hostel
11 hours -
The influence Ronaldo has on people, Cadman Yamoah will have same on the next generation – Coach Goodwin
11 hours -
Gender Advocate Emelia Naa Ayeley Aryee Wins prestigious Merck Foundation Awards
12 hours -
South Africa bursary scandal suspects granted bail
13 hours -
Ecobank successfully repays $500m Eurobond due April 18
13 hours -
Re: Doe Adjaho, Torgbui Samlafo IV, call for Unity among Paramountcies in Anlo
13 hours -
Extortion and kidnap – a deadly journey across Mexico into the US
13 hours -
Rihanna says fashion has helped her personal ‘rediscovery’ after having children
13 hours -
Development Bank Ghana targets GH¢1bn funding for commercial banks in 2024
14 hours -
Shatta Movement apologises to Ghana Society of the Physically Disabled after backlash
14 hours -
Sammy Gyamfi writes: Tema-Mpakadan Railway Project; A railway line to nowhere
15 hours -
Bright Simons: Is the World Bank saving or harming Ghana?
15 hours