B&FT Editorial: UK woos Africa for trade and investment following 'Brexit'

President Nana Addo Dankwa Akufo-Addo is attending the UK-Africa Investment Summit being held in London and hosted by British Prime Minister Boris Johnson today.

The event brings together business, governments and international institutions to showcase and promote the breadth and quality of investment opportunities across Africa.

The summit is a major milestone for the UK, since it brings for the first time UK and African leaders, business, and entrepreneurs alongside international finance institutions to showcase new partnerships that create jobs and boosts mutual prosperity.

Tomorrow, Tuesday 21 January, President Akufo-Addo is expected to deliver the keynote address at the Ghana Investment Opportunities Summit - a summit which aims to bring delegates, especially from UK, to explore investment opportunities in Ghana.

British High Commissioner to Ghana, Ian Walker, notes that the summit will strengthen the UK-Ghana partnership and this is crucial at a time that the Britain is leaving the European Union and needs to build bi-lateral and multi-lateral economic ties with countries to ensure Britain's economy is not adversely affected by its departure from the EU.

This holds promises for Ghana, which is seeking foreign direct investment to grow its economy, and British businesses that are seeking opportunities from the wider global community - particularly with commonwealth partners like Ghana.

This means more job openings for Ghanaians to address the currently high youth unemployment situation in the country, and therefore it is hoped that the president's attendance at the summit will attract British businesses to come and invest in Ghana.

Already, Ghana is at the forefront of the UK's trading relationship with African nations, and we need to build on that favoured status. Traditionally, the EU has been Ghana's biggest trading partner, but with the UK on board - which is the fifth-largest economy in the world - Ghana can secure favourable trading ties with its former colonial ruler for mutual benefit.

The two governments have agreed on six priority sectors: agro-processing ; financial services; textiles/garments; pharma; digital; and extractives. Other areas of consideration are: infrastructure development, tax and the ease of doing business.