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Business News of Wednesday, 13 March 2013

Source: dailyguideghana.com

Dev’t partners draw new plan

Representatives from the UK and other developing partners have met Government to map out a new development framework.

The new arrangement requires government’s developmental efforts to be channeled effectively to the right sources to benefit majority of Ghanaians.

Peter Jones, British High Commissioner to Ghana, who made this known recently during a meeting with the media in Accra, said the UK Government has set ambitious targets, as well as monitoring and evaluation mechanisms to meet such project deadlines.

In 2012, Ghana was adjudged UK’s sixth largest export market in Africa and third in sub-Saharan Africa.

While cocoa, canned fish, fruit and vegetables and petroleum products topped exports from Ghana to the UK in 2011, imports from the UK to Ghana in 2011 were mainly made up of vehicles, textiles, industrial machinery, specialized machinery, electrical appliances and petroleum products.

Trade relation between UK and Ghana is being facilitated by the UK Trade & Investment (UKTI) section of the British High Commission, which is dedicated to helping UK companies to succeed in Ghana.

UKTI provides a range of market access support through Overseas Market Introduction Services such as preparing market reports, helping to identify potential partners and customers, managing product launches and arranging visit programmes and events.

Whereas imports from the UK to Ghana rose by 21 percent in 2012 from a previous figure of £426 million in 2011 to £516 million, exports (goods only) from Ghana to the UK in 2011 were £341 million, representing a 55 percent increase over the £202 million realized in 2010.

In 2011, imports from the UK to Ghana went down by 36 percent.

According to Mr. Jones, bilateral trade between Ghana and the UK, which reached an all-time high in recent times, is expected to double by the end of 2015.

He said the UK Government was committed to deepening its trade relations with Ghana to develop her economy.

“UK’s economic development is dependent on world trade. It is therefore important to boost UK’s economy by engaging in trade with countries like Ghana,” Mr. Jones said.

He expressed optimism that the bilateral trade partnership together with diplomatic relations between both countries would grow from “strength to strength.”

The British Commissioner also praised Ghana for exercising strong democratic will power during the just ended elections.

He described the legal tussle initiated by the main opposition party to challenge the results of the elections in court as a positive and responsible one.

The Regional Manager of the West African Visa Section, Nick Crouch, also noted that his department processes visas based on its merits.

“The rules are fair and apply to everyone. It is the responsibility of the applicants to ensure that they meet the immigration rules. The applicants must also be able to show that they sufficient funds to support themselves in UK and exhibit intend to return home at the end of their visit,” Crouch added.

The Accra Visa Section is the processing hub for all applications received in West Africa with the exception of Nigeria.