Reports indicate that the current bilateral trade between the United Kingdom and the Republic of Ghana is worth around £2.2 billion, with the trade in goods and services increasing by £778 million between 2021 and 2022.
Both are looking to boost economic cooperation. At the 8th UK-Ghana Business Council meeting held mid-June in London, saw the two countries commit to strengthen trade and increase investment.
The meeting was 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.
Both are looking to further strengthen their existing trade partnership with a new investor group. The two countries have launched a new investor group to help identify mutually beneficial investment opportunities boost existing economic partnership.
This investor group to help identify mutually beneficial investment opportunities. The investor group is targeting industries such as pharmaceuticals, textiles and agro-processing.
“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,” Minister Huddleston said.
Since its formation in 2018, the Council has supported over £223 million of investment in infrastructure across the country and created opportunities for both UK and Ghanaian businesses.
The business-led UK-Ghana Investor Group will include UK investors and key investment facilitation agencies in Ghana and the UK. It will help generate leads on viable projects in areas such as pharmaceuticals, textiles, and agro-processing. The deal will be providing support to package the projects and find UK investment.
A support package for Ghana’s economic recovery from Covid was also announced. A total of £1 million in funding will go to developing infrastructure projects and increasing carbon markets.
“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,” Minister for Development and Africa Andrew Mitchell said.
The UK-Ghana Business Council session follows the first meeting of the Trade Partnership Agreement Committee in April this year. The UK-Ghana Trade Partnership Agreement provides duty-free, quota-free access to the UK market for Ghanaian exports.
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.
The United Kingdom is one of Ghana’s major trading partners and has been involved in various sectors of Ghana’s economy. Ghana exports a variety of goods to the United Kingdom, including agricultural products such as cocoa beans, fruits, vegetables, and fish. Other exports include gold, oil, timber, and various manufactured goods.
On its part, the UK exports a range of products to Ghana, including machinery, vehicles, pharmaceuticals, industrial equipment, and manufactured goods. The UK also provides services such as financial and consultancy services to Ghana, according to the report.
