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Business News of Friday, 26 June 2020

Source: thebftonline.com

UK-Ghana trade and investment partnership strengthens in response to coronavirus


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Following the success of the UK Africa Investment Summit where UK Prime Minister Boris Johnson discussed trade and investment opportunities in Ghana with President Nana Addo Dankwa Akufo-Addo, the British High Commission in Ghana held the first virtual UKGBC ‘lite’ on Wednesday, June 24, 2020.

Co-chaired by Vice President Mahamudu Bawumia and UK Minister for Africa James Duddridge, the meeting was attended by the British High Commissioner to Ghana, Iain Walker, Ghana’s High Commissioner to the UK, Papa Owusu-Ankomah, and Adam Afriyie the Prime Minister’s Trade Envoy to Ghana and Guinea.

The meeting emphasised the importance of strengthening UK-Ghana trade and economic partnership in the wake of COVID-19 and committed to support Ghana’s ambition to move beyond aid by creating jobs, boosting growth and driving its huge economic potential.

The UK and Ghana agreed to support businesses to come back stronger from the crisis.

Commenting on the success of the meeting British High, Commissioner to Ghana Iain Walker said: “The UK stands shoulder-to-shoulder with our Ghanaian friends and partners as we respond and rebuild the economy in the wake of COVID-19.”

“Despite the pandemic, Ghana remains at the forefront of the UK’s trading relationship with African nations. UK companies have played a leading role in the COVID-19 response. Unilever, in collaboration with the UK government, today announced £100 million partnership to promote good hygiene for over 1 billion people including millions of people here in Ghana.”

“We are committed to the UK-Ghana partnership ensuring that Ghana remains a prosperous regional leader.”

The UK continues to invest in Ghana’s economic potential. Construction will soon begin on two UK Export financed hospitals in Koforidua and Kumasi.

Funding and training has been provided to 62 agribusinesses to improve food security, and three Ghanaian companies have been supported to manufacture medicines and PPE.

The UKGBC was an opportunity for both Ghana and the UK to build on and discuss the achievements and ambition of the UK Africa Investment held in London in January.

The Summit laid the foundations for new partnerships between the UK and African nations based on trade, investment, shared values and mutual interest.

Billions of pounds of new commercial deals were announced highlighting the strength of the UK’s offer and existing relationship with Africa. In Ghana the Summit led to further investment in the ‘SheTrades’ programme ensuring that female entrepreneurs can access trading opportunities.

Minister Duddridge made clear the UK’s commitment to ensuring the long-term success of Ghana despite coronavirus, announcing a further package of support for the country’s pharmaceutical industry that will see the UK investing up to £450,000 to support the sector to produce essential medical supplies and to recover in the wake of coronavirus.

The UK has also funded training for over 2,000 health workers, medical equipment for 326 health facilities in Ghana, and health messaging to 5.4million people.

From the beginning of the COVID-19 outbreak, the UK has worked to support the people and Government of Ghana respond to the pandemic. The British High Commissioner explained that this latest investment in Ghana’s COVID-19 response would save lives, safeguard the economy and protect the most vulnerable.

Established in 2018, the UKGBC functions as a high-level forum to promote bilateral relations and strategic partnerships between the Ghanaian private sector and UK counterparts. Promoting trade and investment for the mutual benefit of each nation and enhancing economic growth.

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