UK’s credit cover for Ghana surges to £500m

The UK Export Finance (UKEF), has increased its credit cover for Ghana from £125 million in 2017 to £500 million on ‘favourable’ terms, UK High Commissioner to Ghana, Mr. Iain Walker has said.

The increase, therefore means there is £500 million of competitive financing available to support new businesses that want to partner with the UK for industrialisation, through infrastructure development and value addition to important sectors to drive Ghana’s economy.

UKEF, an export credit agency, which functions under the Department for International Trade, works with the government of Ghana and the Ghanaian private sector to provide some of the most competitive export financing for projects across the entire infrastructure value chain in the country.

In 2017, bilateral trade between the UK and Ghana was valued at £1.4 billion, a 26 percent increase from 2016.

“These statistics reveal that there is an opportunity for this country. The leadership of this country needs to ensure that the much-needed sustainable jobs are created and the right education is provided for the people to harness their human resource potential for development,” Walker said in a speech at the 10th Maritime Week Africa Conference in Accra last week, while shedding light on UK and Ghana bilateral relations.

The high commissioner noted that his country has the experience and expertise and willing to collaborate to support Ghana’s vision of transformation.

“As Ghana looks beyond aid, so the UK is also changing its focus to help her realise this vision. We are shifting from large scale resource transfers to targeted technical assistance that supports economic development, creation of decent jobs, resource mobilisation and tax reforms among others.

“We are seeking long-term partnerships that deliver economic development and prosperity for both sides across the continent” H.E Walker added.

Companies from the UK, he disclosed, are involved in the management and execution of some catalytic projects being executed in the country recently.

He mentioned that AECOM is the project manager on the Tema Port Expansion Project while others have gone far in discussions with promoters of the Takoradi Port expansion project for investment, he said, adding: “UKEF has just provided £66.5 million to government for the redevelopment of the Kumasi Airport.”

“Tullow is the pioneer in the oil and gas sector and remains the lead operator of Ghana’s Jubilee field while the contributions of the UK-Ghana Chamber of Commerce with 100-member organisations have chalked some successes in Ghana’s growth,” he said.