UK ready to increase investments in Ghana – Africa Minister

• Posted on February 26, 2019
• by Ellsamwise King
• Comment

The United Kingdom’s (UK) Minister of State for Africa, Harriet Baldwin has affirmed the UK government’s commitment to increase her investment in Ghana and ensure greater economic harmonization between the two countries.

Recounting the economic gains and significant strides aimed at formalizing and improving the Ghanaian economy in the last few years, Harriet Baldwin, together with some government officials and business leaders of the UK pledged to bring new investments and increase existing UK investments in Ghana.

Minister Harriet Baldwin made this call at the second UK-Ghana Business Council (UKGBC) meetings held at the Lancaster House in London on Tuesday, 26th February 2019. The first meeting of the UKGBC was held in Ghana on 14th October 2018. Vice President Dr Mahamudu Bawumi is attending the meeting.

The overarching goal of the UKGBC is to match as closely as possible Ghana’s needs with UK expertise, financing and private sector support. Tuesday’s meetings have been exploring new strategies and opportunities to enhance trade and investment between the two countries in several areas including agro-processing, extractives, garments/textiles, pharmaceuticals, financial sector, fintech, and cybersecurity.

Also, among others, UKGBC is tasked to explore technical assistance on standards and customs facilitation and work to identify and breakdown constraints to greater trade and investment

The government of the UK intends to bring substantial investments to help complete existing projects and undertake new ones such as the Kumasi Central Market phase 2, phase 2 of the Kumasi international airport, the 720 bed capacity maternity block at the Komfo Anokye Teaching Hospital in Kumasi, Vester, Blues Skies, Curist pharmaceuticals, Amandi power projects, the extractive sector, Volta lake water transport projects, and many others.

On his part, the Vice President, Dr Bawumia, lauded the UK government’s interest in increasing economic cooperation between Ghana and the UK and pledged the support of the government of Ghana.

“We are very happy with the UK government’s positive assessment of the progress so far made in Ghana in the last few years and her resolve to increase investments in Ghana, and we are prepared to partner with you,” Dr Bawumia observed.

Dr Bawumia continued, “For us, as we prepare to position Ghana as the financial services hub in West Africa, increasing our strategic alliance with the UK is indispensable since London is the largest financial services centre globally.”

“We will continue to be prudent in the management of our economy, ensure inclusive economic development and provide the right environment for businesses, both local and foreign to thrive,” he indicated.

Officials present at the meetings included Allan Kyerematen (Minister for Trade), Prof. George Gyan Baffour (Minister for Planning), Mr Yofi Grant (CEO, Ghana Investment Promotion Center), and H.E. Papa Owusu Ankomah (Ghana’s High Commissioner to the UK). Adam Afriyie (UK Prime Minister’s Trade Envoy), Ms Rachel Turner (Director for Economic Development & Europe, DFID), H.E Ian Walker (UK High Commissioner to Ghana) were also present.