26
Tue, Mar

UK POISED TO INVEST MORE IN GHANA

Business & Economy

The United Kingdom government will be increasing its investments in Ghana, UK Minister of State for Africa Harriett Baldwin has disclosed. She said this is to ensure greater economic harmonisation between the two countries.

The United Kingdom government will be increasing its investments in Ghana, UK Minister of State for Africa Harriett Baldwin has disclosed. She said this is to ensure greater economic harmonisation between the two countries.

 

Mrs Baldwin was speaking yesterday at the second UK-Ghana Business Council (UKGBC) meetings, held at Lancaster House in London. The first meeting of the UKGBC took place in Ghana in October last year.

She recounted the significant strides made in efforts to formalise and improve the Ghanaian economy in the past few years.

She pledged that, together with British business leaders, the UK government will bring new investment to Ghana and increase its existing engagement.

Partnership

The overarching goal of the UKGBC is to match as closely as possible Ghana’s needs with UK expertise, financing and private-sector support.

The ongoing meetings have been exploring strategies and opportunities to enhance trade and investment between the two countries in several areas. These include agro-processing, extractives, garments/textiles, pharmaceuticals, the financial sector, fintech and cyber security.

The UKGBC is also tasked to explore technical assistance on standards and customs facilitation, and to work to identify and break down constraints to greater trade and investment.

The UK government intends to bring substantial investment to help meet existing commitments and to undertake new projects.

These include the Kumasi Central Market (phase two), phase two of the Kumasi International Airport, a 720-bed maternity block at Komfo Anokye Teaching Hospital, Vester oil mills, Blues Skies fruit growing and packaging, Curist pharmaceuticals, Amandi power projects, the extractives industry, and Lake Volta water transport projects.

Promised prudence

Vice-President Mahamudu Bawumia assured the UK government that Ghana will continue to be prudent in managing her economy. Ghana will also “ensure inclusive economic development and provide the right environment for businesses, both local and foreign, to thrive”, he said.

“We are very happy with the UK government’s positive assessment of the progress so far made in Ghana in the last few years, and her resolve to increase investments in Ghana. And we are prepared to partner with you,” the Vice-President said.

Dr Bawumia said Ghana offers further opportunities to expand investment as she positions herself to become the financial services hub of West Africa.

Follow Us