UK-Ghana partnership targets $7 billion trade finance gap

The UK and Ghana have launched a joint initiative to close Ghana’s $7 billion annual trade finance gap through a new digital network, Neofingo, which will connect Ghanaian exporters and African fintech firms with UK neobanks and strengthen access to international trade finance.

The launch, convened by ODI Global, the Government of Ghana's 24-Hour Economy Authority, and the AfCFTA Secretariat, brought together regulators, financiers, entrepreneurs, policymakers, and technologists in London and Accra.

Neofingo is designed as a Digital Trade Finance Corridor that provides shared digital infrastructure for trade documents, compliance data, and letters of credit. It targets small and medium-sized enterprises (SMEs), giving them the tools to participate fully in global trade.

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Presidential Adviser on the 24-Hour Economy, Augustus Goosie Tanoh, said the global trade finance system was not designed for African SMEs – it was designed around them.

"It rebuilds trade finance as shared infrastructure, so that a shea butter exporter in Tamale can access the same digital letter of credit as a commodity desk in the City of London. That is what structural transformation looks like,” he added.

Dr Sara Pantuliano, Chief Executive of ODI Global, added, “Our research suggests that through effective implementation of the AfCFTA Digital Trade Protocol, Ghana could boost its GDP by $3 billion in the longer term and potentially create up to 600,000 high-quality jobs."

She continued, "A UK-Ghana Digital Trade Corridor could plug existing gaps in trade finance and help build trust at the financial level. We join as convening partners, helping build a community of practice around the development of such a corridor.”

Ben Ainsley, Deputy Trade Commissioner at the British High Commission in Accra, noted the broader significance saying, “The UK and Ghana are already connected by people, history, and language. Neofingo adds a financial layer to that connection and makes it easier for businesses here and in the diaspora to trade, invest, and grow together.”

The Neofingo forum included trade finance institutions, UK and African fintech leaders, development finance institutions, multilateral bodies, legal and policy experts, and SMEs.

Discussions focused on the governance, standards, and institutional architecture needed to implement the corridor and build a multi-stakeholder community.

The initiative draws on Ghana’s pro-fintech policies, the UK Electronic Trade Documents Act 2023, open standards such as ISO 20022, ICC’s eUCP, and existing UK-Africa remittance corridors. It also leverages the AfCFTA digital trade infrastructure and the London to Accra platform, supported by the 24-Hour Economy Authority and the Office of the Mayor of London.