The United Kingdom (UK) Government has renewed its commitment to supporting and deepening trade and investment opportunities with Ghana for mutual benefits.
Mr Andrew Mitchell, the UK’s Minister of State, Development & Africa, gave the assurance at the ninth meeting of the United Kingdom-Ghana Business Council (UK-GBC) at the Jubilee House, in Accra, on Wednesday.
He said the UK-GBC was the foundation for investment and trade economic partnerships between the UK and Ghana, noting that the UK had been a faithful partner to Ghana in good and challenging times.
He urged Ghana to continue to stick to the International Monetary Fund’s (IMF) conditions in order to alleviate the economic pressures on the citizens.
On the IMF bailout, Mr Mitchell was happy that the Board had disbursed two tranches of money to Ghana and commended the Government for the steadfast adherence to the IMF programme, so far.
He announced that the UK was in the process of designing new programmes for Ghana’s long-term finance and economic stability.
The UK’s International White Paper on Development Partnership was given kind endorsement by 20 heads of state globally, including Ghana’s President, Nana Addo Dankwa Akufo-Addo, during a meeting in the UK, Mr Mitchell stated.
The United Kingdom would continue to support and deepen mutual trade and Investments with Ghana to create jobs for many Ghanians and ensure economic prosperity, he said.
Under climate finance, Mr Michell said, the Government had approved a 2,000 million pounds replenishment fund for the Green Planet Fund to support climate change mitigation measures.
The country would continue to deepen mutual trade and Investment opportunities with Ghana, noting that UK’s trade volumes with the West African country stood at 2.1 billion pounds in 2023, witnessing
647 million dollars increase over the previous year.
He acknowledged the historic relations and common values shared by the UK and Ghana and pledged to continue nurturing that friendship for their mutual benefits.
Vice President Dr Mahamudu Bawumia said
Ghana and the UK had had fruitful bilateral and economic relations spanning several decades, which continued to remain strong due to mutual benefits in many areas.
He was of the belief that the UKGBC platform would strengthen strategic partnerships in various areas and expressed optimism about future trade prospects between the two countries.
He noted that since the establishment of the UKGBC in 2018, there had been tremendous improvement in trade relations between both countries, with Ghana receiving support in road infrastructure, agro- processing and textiles and garment, pharmaceuticals, and airport infrastructure development, among others.
It had also enhanced Ghana-UK trade partnership agreements, market access and commercial opportunities, he said, noting that commerce and trade between the two countries had been encouraging with major exports from
Ghana.
These include cocoa, canned tuna and banana, while goods like machinery, electronics and chemicals imported from the UK had seen massive boost.
In the past six years, the UKGBC focused on Ghana’s economic outlook and economic recovery plan.
The Vice President said Ghana remained the most attractive business destination in Africa for Foreign Direct Investment (FDI).
He expressed the hope that the platform would expand trade and Investment and explore opportunities provided under the African Continental Free Trade Area (AfCFTA) to expand business with Ghana, providing market access to 1.3 billion Africans.
The partnership would grow stronger and explore other areas including transition to electronic mobility in public transport, he noted.
“The UK can take advantage of the conducive business environment and solid foundation laid by Akufo-Addo’s government to increase momentum in trade with Ghana going forward,” the Vice President said.
The UKGBC has facilitated several projects in Ghana including the Kumasi International Airport, Eastern Regional Hospital, Children’s block at the Komfo Anokye Teaching Hospital, Tema-Aflao highway, and Aqua-Africa drinking water project in 16 towns.
Mr Andrew Mitchell was accompanied by Baroness Kate Hoey, UK’s Trade Envoy to Ghana, and Ms Harriet Thompson, the High Commissioner.
Source: GNA
