Ghana-UK sign £20m trade and investment pact

The Government of Ghana and the United Kingdom, on Tuesday, 28th August, 2018, signed a £20 million trade and economic diversification pact, aimed at creating jobs and promoting Ghana’s economic transformation agenda.

The Memorandum of Understanding (MOU), which represents United Kingdom’s new working programme in Ghana, has been tailored along President Akufo-Addo’s vision of a “Ghana Beyond Aid”.

According to the UK Minister of State for Africa, Harriet Baldwin (MP), who signed the MOU on behalf of the British government, the £20 Million programme will focus its attention on four key areas.

“It will focus on some of the policy suggestions to make it easier to do business in Ghana, and on promoting of opportunities for inward investment into Ghana,” she said.

Harriet Baldwin added that focus will be brought to bear on ensuring more value-added activities take place within Ghana for the export market, and the development of infrastructure that will attract inward investment into Ghana.

She was confident that the programme will attract at least £15million of further inward investments into Ghana, which is expected to create an estimated 15,000 jobs for Ghanaians.

Representing Ghana, the Minister for Trade and Industry, Mr. Alan Kwadwo Kyerematen, noted that the current level of trade relations between Ghana and the United Kingdom do not reflect the longstanding bonds of friendship and commercial interests that the countries have enjoyed for many years.

“I, therefore, see this as a game changer, a turning point in opening a new chapter in UK-Ghana relations. It is glad to note that this jobs and economic transformation programme is, indeed, signaling this transition to focus on trade and investment,” the Trade Minister added.

He stated that Ghana has already embarked on a comprehensive programme for industrial transformation based on ten different components, and the £20 million trade and economic diversification pact will support Ghana develop key pillars of the 10-point transformation agenda.