UK launches a new chapter in its partnership with Ghana

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Accra, Oct 18, GNA – With the first UK-Ghana Investment Summit held in Accra, the UK has launched a new chapter in its longstanding and wide-ranging partnership with Ghana.

A Communique issued at the end of the UK-Ghana 2018 Summit said the UK organised three days of activities to celebrate the strength of the UK-Ghana relationship, to launch a deeper and more strategic economic development partnership, and to take forward over £1 billion of potential investment deals which would boost Ghana’s economy and create thousands of jobs.

It said the activities included; the launch of a UK Ghana Business Council and UK-Ghana Investment Summit which was attended by over 50 UK investors and business leaders who discussed opportunities for investment in key job-creating sectors.

The Communique noted that speaking at the Investment Summit, the President Nana Addo Dankwa Akufo-Addo highlighted his ambition of moving Ghana ‘Beyond Aid’ through industrialisation and infrastructure development creating thousands of jobs.

The Communique also noted that Madam Baroness Fairhead, the UK’s Minister for Trade and Export Promotion who spoke at the summit welcomed the vision and set out the UK Prime Minister’s ambition for the UK to engage more closely with Africa, and for it to become the G7’s largest source of FDI to the Continent in support of jobs and economic development.

The Communique said at the end of the summit, the UK announced progress on over £1 billion of deals that could boost trade and investment between the two countries.

It said these investments covered infrastructure projects from roads and bridges to water treatment plants and rail refurbishments as well as support for facilitating investment into industrial sectors.

It said partnerships with the UK Ghana Chamber of Commerce, Ghana Investment Promotion Centre and the Ministry of Trade and Industry to help investors kick-start key investment projects discussed at the UK Ghana Investment Summit that had the potential to create 1000’s of jobs.

It said plans to conclude agreements to support three major industrial parks in Ghana which would help attract anchor tenants and generate further investor interest in Ghana.

It intimated that plans to provide further technical assistance to the Ministries of Rail, and Trade and Industry to develop the necessary regulatory and institutional frameworks to guide and stimulate investment in the rail, automobile and other priority industrial sectors.

The Communique said the announcements built on substantial previous UK investment in Ghana’s development.

It said over the last two decades, the UK had invested over £2 billion of development funding in Ghana and facilitated over £1 billion of private capital to support Ghanaian firms and infrastructure projects through its financing arms: the Private Infrastructure Development Group (PIDG), CDC (the UK’s
Development Finance Institution) and UK Export Finance (UKEF).

The UK Ghana Investment Summit is an event created by the UKGCC to promote Ghana as an investment destination for British companies and investors.

The first event took place on the 22nd of July 2017 in the UK and was attended by over 250 senior business professionals and leaders, followed by the second UK Ghana Investment Summit hosted on 17th of April 2018 in London.

This event brought together leading thinkers and decision-makers from different sectors and industries across both Ghana and the UK.

President Nana Akufo-Addo gave the keynote address followed by in-depth interviews with several Ministers of State and business leaders.

Off the back of two successful summits, the UKGCC hosted its third Investor focused summit in Accra, Ghana on 15th – 16th October 2018, which provided a platform to further merge new opportunities that opened up both in Ghana and the UK for enhanced trade investments.

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