Ghana’s efforts to overcome the economic challenges posed by the pandemic have received commendation and assurance of more assistance from the United Kingdom (UK).
The UK Minister of State for Development and Africa, Andrew Mitchell, said his country was impressed by the progress Ghana had made in implementing the International Monetary Fund (IMF) program, which aimed to restore fiscal stability and promote inclusive growth.
“We know it has not been easy, that is why we are backing you to stick to the conditions of the IMF program this year, so you can continue to alleviate the economic pressures Ghanaians face,” he said.
Mr Mitchell also expressed delight that the IMF Board had approved the first review and second disbursement for Ghana, amounting to $185 million, in March 2023.
He was speaking at the opening of the ninth edition of the UK-Ghana Business Council meeting at the Jubilee House in Accra yesterday.
The council meeting, which was co-chaired by the Vice-President, Dr Mahamudu Bawumia, and Mr Mitchell, brought together officials from both countries to discuss trade and investment opportunities, as well as address challenges affecting bilateral relations.
The meeting also focused on key areas of cooperation such as agro-processing, garment and textile, pharmaceutical, road and airport infrastructure, and climate change.
Mr. Mitchell said the UK-Ghana Business Council was the foundation of the economic trade and investment partnership of both countries and said since the first meeting in 2018 “we have seen increased UK investment, stronger partnership and also supported better foundations for growth”.
He said as the economic headwinds had been strengthened, the last year had shown how the UK and Ghana were partners in both good and challenging times.
He said the UK was also designing a new program to ensure long-term economic and financial stability for Ghana.
He expressed appreciation to his counterpart and team at Ghana’s Ministry of Finance for their continuous engagements and support.
The Vice-President said prospects of commerce and trade between Ghana and the UK were encouraging, with major exports of cocoa, canned tuna, and banana from Ghana, while products such as machinery, electronics, and chemicals were also imported from the UK.
He reiterated that Ghana remained one of the attractive business destinations on the African continent for foreign direct investment and said the commencement of trading activities under the African Continental Free Trade Area (AfCFTA) agreement was also expected to boost economic growth on the continent.
“I hope that a much stronger partnership would be realized between Ghana and the UK, especially in trade and investment, while we explore further opportunities in key areas of the economy such as transitioning to electric mobility in public transportation,” Dr Bawumia added.
He expressed hope that the council meeting would further enhance bilateral and economic relations between the two countries.
The UK is one of Ghana’s largest trading partners, with bilateral trade reaching £1.2 billion in 2020, according to the UK Department for International Trade.
The two countries also signed a new trade agreement in February 2021, which provides duty-free and quota-free access for Ghana to the UK market and preferential tariff reductions for UK exporters to the Ghanaian market.
The UK has also supported Ghana in various sectors, such as health, education, agriculture, and governance, through its development agency, the UK Foreign, Commonwealth and Development Office (FCDO).
The council meeting was attended by Ghana’s High Commissioner to the UK, Papa Owusu Ankomah; the Secretary to the Economic Management Team, Prof. Joe Amoako-Tuffuor; the Deputy Minister of Transport, Hassan Tampuli, and the Executive Director of the Environmental Protection Agency (EPA), Dr Henry Kwabena Kokofu.
The rest were a Deputy Minister of Finance, Dr John Kumah; the Minister of Trade and Industry, Kobina Tahir Hammond, and the Deputy Chief Executive Officer (CEO) of the Ghana Investment Promotion Centre (GIPC), Yaw Afriyie.
The UK delegation included the British High Commissioner to Ghana, Harriet Thompson; the Head of Climate and Investment, Nana Frimponmaa; the Head of Trade and Economics, Suman Mounsey, and the Prime Minister’s Trade Envoy to Ghana, Baroness Kate Honey.
The rest were the Market Access and Trade Policy Advisor, Charlene Mills; the Department of Business and Trade Country Director, Giselle Agyare; the Deputy Development Director, Richard Sandall, and the Minister of State for Development and Africa, Andrew Mitchell.
The meeting was expected to produce a joint communiqué outlining the outcomes and action points for both countries.
Source: Graphic Online
