The United Kingdom and Ghana, through the UK-Ghana Business Council, are set to improve their trade ties. Ghana is one of the fastest-growing economies in the region and the UK’s fourth-biggest export market in sub-Saharan Africa. Hence, why the UK is focusing on improving its Ghana trade to £1.4bn by 2024.
The World Bank reports that The West African Economic and Monetary Union is projected to grow at 5.6 per cent in 2021 and 6.1 per cent in 2022, reflecting favorable terms of trade.
“The UK and Ghana trade is already worth almost a billion pounds per year, but there is so much more our two economies can do together,” Minister for Africa, Vicky Ford said.
“The signature of the UK-Ghana Trade Partnership Agreement last year paved the way for closer economic ties and this week we’ve discussed the potential for huge growth in both countries, driven by British International Investment’s ambitious plan for the year ahead,”
“I’d like to thank the Trade Minister for contributing to such a valuable discussion and look forward to visiting Ghana in the weeks to come,” she added.
UK Minister for Trade Policy Penny Mordaunt said the trade ties with the West African country has been assisting businesses to succeed in the two countries.
The new trade ties is to build on this existing growth and to “deepen the ties and create more jobs and deliver mutual prosperity, says Penny.
In the statement, the UKGBC was established in 2018 to promote bilateral relations and partnerships between Ghana’s private sector and UK counterparts.
Expressing her delight, Penny believed that the meeting with Ghana at the business Council will help to discover potential barriers to trade and to ease market access. Focus will be on digital sectors and maritime.
Between the last council meeting held by the council and now, the two-country agreement has led to over £223m of investment in Ghana.
In just weeks back Ghana announced a £2 million partnership with UK charity Shell Foundation to improve in terms of turbocharge, e-mobility, battery, solar, and charging sector
