Ghana signed two Memoranda of Understanding with the United Kingdom at the end of the 9th UK-Ghana Business Council Meeting in Accra on Wednesday 31 January 2024.
The two agreements signed covered science, innovation and technology, as well as the automotive industry.
In terms of science, innovation and technology, the agreement is expected to lead to economic prosperity through science and technology, while the memorandum of understanding for the automotive industry, signed between the Society Motor Manufacturing and Traders’ Industry Forum of of the United Kingdom and the Department of Commerce’s Automotive Development Centre, agrees to continue skills, knowledge and technology transfer partnerships under the JET programme.
The 9th UK-Ghana Business Council Meeting was jointly chaired by Vice President Dr. Mahamudu Bawumia and UK Minister for Development and Africa, Rt Honorable Andrew Mitchell (MP), with other senior government officials from both countries in attendance.
A joint communique issued by the UK-Ghana Business Council at the end of the meeting welcomed Ghana’s progress in reaching an agreement with the official creditors’ committee and completing the first review of the IMF programme.
“Members recognized Ghana’s progress in implementing the programme, which has since resulted in improved economic stabilization. The UK assured council members of its continued support for a successful exit from the IMF programme, including through new programming developed in partnership with the Government of Ghana aimed at macroeconomic resilience,” the statement said.
Council members also discussed the global climate finance architecture and welcomed Ghana’s commitment to unlocking climate finance to support an impact pipeline of climate activities in areas such as carbon finance mixes, EVs, shipping and the economy hydrogen.
The meeting, the communiqué noted, welcomed the UK’s announcement of the Green Cities and Infrastructure Technical Assistance Program for Ghana.
“The program will focus on providing climate finance, low-carbon, climate-resilient infrastructure and supporting cities to become innovation hubs while fostering sustainable economic growth,” the statement added.
Members also discussed and welcomed the successful Automotive Investors Mission which took place from 22nd to 26th January 2024, bringing together leading UK automotive companies to explore opportunities in Ghana’s automotive sector.
“In this context, the members agreed to work together to identify opportunities to support Ghana’s industrial transformation in the automotive and e-mobility, pharmaceutical and apparel sectors.”
The statement added that the Council also celebrated the first investments in Ghanaian businesses by British International Investment’s Growth Investment Partners fund.
The Co-Chairs, Vice President Bawumia and Rt Hon Andrew Mitchell, acknowledged the significant progress the Council has made since its inception in 2018, and also agreed to continue to advance work in the UKGBC’s priority areas to deepen the UK-Ghana relationship, while exploring other areas such as climate finance and electric vehicles.
The Vice President Dr. Bawumia particularly welcomed the strengthening of bilateral ties between Ghana and the United Kingdom, through the UK-Ghana Business Council, describing it as “a special, productive forum”.
Since its establishment in 2018, the Council has supported Ghana with infrastructure investment across the country and created opportunities for both UK and Ghanaian businesses.
Some of the notable projects supported by the Council include Kumasi International Airport, Tamale International Airport and Bekwai Hospital.
The next meeting of the UKGBC is expected to take place later this year.
Distributed by APO Group on behalf of the Presidency, Republic of Ghana.