Business News of 2014-07-11

Ghana, UK trade hit a billion pounds

Ghana's trade in goods and services with the United Kingdom (UK) has reached a billion pounds, the British High Commissioner to Ghana, Mr Jon Benjamin, has said. He said while being supportive of the economic partnership agreement between the two countries, the British government hoped to sign yet another trade partnership agreement with Ghana by the end of the week.

Speaking at the launch of Zenith Hygiene Systems Ghana Limited, a subsidiary of the Zenith Hygiene Group Plc in the UK, Mr Benjamin said one of the benefits of this new agreement was to remove duties from all Ghanaian the British market, adding that "all Ghanaian products entering the British market will be duty free." He said Britain was also doing whatever it could to attract more British companies and more British investors into Ghana.

Zenith Hygiene Systems is the largest privately owned independent chemical company in the UK. It is highly revered in Europe for their tailor-made hygiene solutions and enters Ghana with over 700 top-notch varying chemical products. When it is fully operational by September 2014, Zenith Hygiene would be providing a one-stop shop hygiene solution packages.

These would include chemicals, food manufacturing products, paper hygiene products, waste management, personal hygiene, catering and cleaning equipment for hotels, restaurants, public houses, leisure markets, and contract cleaners, among others. Its partnership in Ghana is estimated to serve a total of 250 million people across the West African sub-region.

Mr Benjamin said the UK Trade and Investment’s (UKTI) key responsibility was to help overseas trade in Ghana. With such an effort, he added, the UK remained the largest bilateral donor in Ghana, with a programme stretching over 50 years.

Other areas that both countries were working together on through the British Council included climate change, education and the promotion of leadership and management skills in Ghana.

Making a case on why Britain continued to invest in Ghana, Mr Benjamin said the country was conducive for foreign investors because of its stable economy and dynamic private sector that was willing to collaborate with foreign partners. "British businesses continue to invest in Ghana, create jobs, transfer technology and also develop skills of Ghanaians,” he stated.