Accra, January 31, 2024 – The UK-Ghana Business Council (UKGBC) convened its ninth meeting in Accra, showcasing the collaborative efforts of both nations to strengthen economic ties. Co-chaired by His Excellency Alhaji Dr. Mahamudu Bawumia, the Vice-President of Ghana, and Rt Honourable Andrew Mitchell MP, the UK Minister for Development and Africa, the meeting addressed key milestones and outlined future strategies for mutual growth.
Economic Progress and IMF Programme:
The Council lauded Ghana’s achievements in reaching an agreement with the official creditor committee and completing the first review of the IMF programme. Recognizing Ghana’s commitment to the IMF program, members discussed the positive impact on economic stabilization. The UK assured continuous support for Ghana’s successful exit from the IMF program, emphasizing collaboration on new programs targeting macro-economic resilience.
Climate Finance and Green Initiatives:
Council members engaged in discussions on the global climate finance architecture, praising Ghana’s commitment to unlocking climate financing. The UK announced the Green Cities and Infrastructure Technical Assistance Programme for Ghana, focusing on climate finance, low-carbon infrastructure, and supporting cities to drive innovation and sustainable economic growth.
Auto Sector and Industrial Transformation:
The successful auto sector investor mission, held from January 22 to 26, drew attention to opportunities in Ghana’s auto and E-mobility industry. The Council pledged collaborative efforts to identify opportunities for supporting Ghana’s industrial transformation in key sectors such as automobiles, pharmaceuticals, and garments. The signing of a Memorandum of Understanding (MoU) between the UK’s Society Motor Manufacturing and Traders’ Industry Forum and the Ministry of Trade’s Auto Development Centre emphasized a commitment to skills, knowledge, and technology transfer partnerships.
Investments and Innovation:
Members celebrated the initial investments by British International Investment’s Growth Investment Partners fund into Ghanaian businesses. The signing of a Science, Technology, and Innovation MoU highlighted a collective commitment to driving economic prosperity through advancements in science and technology.
Future Endeavors and Continued Collaboration:
Co-chairs commended the significant progress made by the Council since its inception in 2018. Members agreed to advance work on priority sectors, emphasizing the exploration of new areas such as climate finance and electric vehicles. The next UKGBC meeting is scheduled for the summer of 2024, signifying the ongoing commitment to deepening the UK-Ghana relationship and fostering economic collaboration.
