Ghana has signed two Memoranda of Understanding with the United Kingdom at the end of the 9th UK-Ghana Business Council Meeting in Accra on Wednesday January 31, 2024.
The two agreements signed, were on science, innovation and technology, as well as on the automotive industry.
On science, innovation and technology, the agreement is expected to drive economic prosperity through science and technology, while the MoU on automotive, signed between the UK’s Society Motor Manufacturing and Traders’ Industry Forum and the Ministry of Trade’s Auto Development Centre, agrees to pursue skills, knowledge and technology transfer partnerships, as part of the JET programme.
The 9th UK-Ghana Business Council Meeting was co-chaired by the Vice President Dr. Mahamudu Bawumia and the UK Minister for Development and Africa, Rt Honourable Andrew Mitchell (MP), with other senior government officials from both countries present.
A joint communique issued by the UK-Ghana Business Council, at the end of the meeting, welcomed Ghana’s progress on reaching an agreement with the official creditor committee and completion of the first review of the IMF programme.
"Members acknowledged Ghana’s progress in implementing the programme, which has since resulted in improving 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 collaboration with the Government of Ghana targeting macro-economic resilience," said the communique.
Council members also discussed the global climate finance architecture and welcomed Ghana’s commitment to unlock climate financing to support a pipeline of impactful climate activities in areas such as carbon finance blends, EVs, shipping and a hydrogen economy.
The meeting, the communique noted, welcomed UK’s announcement of the Green Cities and Infrastructure Technical Assistance Programme for Ghana.
"The programme will focus on delivering climate finance, low-carbon, climate-resilient infrastructure, and support cities to become hubs of innovation while bolstering sustainable economic growth," the statement added.
Members also discussed and welcomed the successful auto sector investor mission, which took place from 22nd to 26th January 2024, bringing together leading UK automobile companies to explore opportunities in Ghana’s auto sector.
"Against this backdrop, members agreed to work collaboratively to identify opportunities to support Ghana’s industrial transformation in the auto and E-mobility industry, pharmaceutical manufacturing, and garments sector."
The statement added that the Council also celebrated the first investments into Ghanaian businesses by British International Investment’s Growth Investment Partners fund.
The co-chairs, Vice President Bawumia and Rt Honourable Andrew Mitchell, acknowledged the significant progress the Council has made since its inception in 2018, and also agreed to continue to advance work on the UKGBC priority sectors to deepen the UK-Ghana relationship, while it explores other areas such as climate finance and electric vehicles.
Vice President Dr. Bawumia, particularly, expressed satisfaction at the strengthening of bilateral ties between Ghana and the UK, through the UK-Ghana Business Council, describing it as "a special, productive forum."
Since its establishment in 2018, the Council has supported Ghana with investments in infrastructure across the country and created opportunities for both UK and Ghanaian businesses.
Some of the notable projects supported by the Council include the Kumasi International Airport, the Tamale International Airport and the Bekwai Hospital.
The next UKGBC meeting is expected to be held later this year.
