UK-backed programme invests £12 million in automotive sector

This investment builds on Ghana’s recent success in attracting over £60 million in Foreign Direct Investment (FDI) for its growing automotive industry, which is projected to reach US$11billion by 2028. This offers significant opportunities for industrial growth and job creation.

For instance, the expansion of Cresta Paints – which already employs approximately 140 staff, many young Ghanaians – is expected to create 250 additional jobs in the country, boosting exports and reducing the need for imports in the auto-refinish sector.

The JET programme, supported by the UK’s Development Finance Institution, British International Investment (BII), provided technical assistance for Cresta Paints to facilitate the deal.

This partnership is part of the UK’s broader support for Ghana’s economic transformation, focusing on manufacturing, value addition and sustainable job creation.

A statement announcing the latest development stated: “The JET team partnered with Uhuru to provide technical assistance to Cresta Paints, accelerating Uhuru’s investment in Cresta Paints…it positions Cresta Paints as a key player in the region’s automotive refinish segment”.

It was noted that companies such as Cresta Paints can support the automotive assembly sector as a downstream supplier as the industry progresses toward sourcing more parts locally.

The company also serves the underserved local market’s needs in the automobile refinishing industry, which at the moment largely relies on imports.

The JET programme implemented by Palladium Group helps accelerate manufacturing investments in priority sectors, including automotive, to drive Ghana’s industrial growth and competitiveness.

FCDO Development Director Richard Sandall said: “The UK is delighted with this investment. It’s been made possible by two of the UK’s flagship development offers in Ghana, which combine to great effect investment financing supported through British Investment International and the technical assistance and support provided by our JET programme.

“It is exactly the type of investment that can help drive Ghana’s economic transformation and growth.”

Furthermore, the JET Programme’s continued engagement with Uhuru and Cresta Paints is said to embody its commitment in empowering Ghana’s automotive industry through strategic investment and technical support.

“This collaboration demonstrates how strategic partnerships can catalyse economic development, scale businesses and create sustainable jobs – an effort that aligns with JET’s broader mission of positioning Ghana as a self-sustaining economy with a thriving, investment-ready automotive hub.”

The lead of Uhuru Investment Partners, Nana Adow Dankwa, observed that: “At Uhuru, we are passionate about identifying and supporting businesses that drive meaningful impact across West Africa”.

He noted: “The JET programme has been instrumental in accelerating our acquisition of Cresta Paints by providing invaluable technical assistance and fostering strategic connections with key stakeholders in the automotive ecosystem.

“As we look to the future, our continued partnership with JET will strengthen Cresta Paints’ manufacturing capacity, drive innovation, catalyse growth and create sustainable job opportunities in Ghana’s automotive sector.”

The JET programme, it is hoped, will play an integral role in helping Cresta Paints and similar companies in the manufacturing sector. This includes linking smaller automotive manufacturers, like Cresta Paints, with more prominent Original Equipment Manufacturers (OEMs) in Ghana’s automotive industry to support further expansion.

FCDO funds the JET programme in Ghana, a flagship initiative aimed at boosting the country’s manufacturing and industrial sectors.

JET provides technical assistance for investment policy reforms and promotes investment in key industries.

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