Ghana and the United Kingdom (UK) currently have a trade value worth £1.2 billion, the UK’s Minister of State for Development and Africa, Andrew Mitchell, has said.
Minister Andrew Mitchell made the revelation while speaking at the 9th UK-Ghana Business Council (UK-GBC) in Accra.
Mr. Mitchell also commended Ghana’s efforts while urging the government to adhere closely to the conditions outlined in the IMF programme.
“The UK-GBC is the foundation of our economic trade and investment partnership with Ghana. Since its establishment in 2018, we’ve witnessed a commendable boost in trade, investment, and the forging of stronger partnerships, laying a robust foundation for growth,” he said.
According to Andrew Mitchell, trade between the two countries is currently worth £2.1 billion, which is £647 million more than it was a year ago.
Minister Mitchelle, in his opinion, believes the 9th UK-GBC summit will improve bilateral and commercial ties even more while fortifying strategic alliances across a range of fields.
“A platform such as this aims at boosting economic and commercial relations between our two countries and is most encouraging,” he stated.
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He added that the UK’s most recent white paper on its roadmap for international development places a strong focus on the value of current equitable partnerships that go beyond aid to provide win-win outcomes.
“Here in Ghana, with these partnerships and the UK-GBC, I believe we are ahead of others.
“The economic context of our discussions has been challenging over the last few years. But let me assure you that Britain will continue to support Ghana.
“We will deepen mutual trade and investment opportunities, creating more jobs and prosperity,” Mr Mitchell added.
Minister Mitchell commends Ghana’s efforts under the IMF
The successful evaluation of Ghana’s IMF bailout programme and the subsequent disbursement of a second tranche worth US$600 million delighted Rt Hon. Andrew Mitchelle.
He underscored the UK’s support for the program’s modifications while acknowledging the challenges the government was facing in adhering to the bailout conditions.
“We understand it has not been easy, which is why we are backing you to stick with the conditions of the IMF programme this year. By doing so, Ghana can continue to alleviate the economic pressures its citizens face.”
Vice President Dr. Bawumia, on his part, noted Ghana and the UK’s increasing collaboration in commercial and investment fields that benefit both countries.
He underlined that Ghana remains one of the most enticing African commercial locations for foreign direct investment (FDI).
Since Ghana is the entry point for a population of 1.3 billion Africans, it is anticipated that trading activity will rise with the implementation of the African Continental Free Trade Agreement (AfCFTA), resulting in economic growth.