Ghana has inked two Memoranda of Understanding (MoU) with the United Kingdom (UK), marking the conclusion of the 9th UK-Ghana Business Council Meeting in Accra, Ghana.
The agreements focus on science, innovation and technology, and the automotive industry. aimed at propelling economic prosperity through these fields.
Among the deals is the automotive, in which the UK’s Society Motor Manufacturing and Traders’ Industry Forum and the Ministry of Trade’s Auto Development Centre, seek to foster partnerships for skills, knowledge and technology transfer as part of the JET programme.
Vice President Dr. Mahamudu Bawumia and the UK Minister for Development and Africa, Rt Honourable Andrew Mitchell (MP), presided over the 9th UK-Ghana Business Council Meeting with other high-ranking officials from both nations in attendance.
Unlocking Climate Financing
The UK reassured council members of its ongoing 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.
Council members rallied Ghana not to deviate from its cause to unlocking climate financing to support activities in areas such as carbon finance blends, Electric vehicles, shipping and a hydrogen economy.
UK also announced Green Cities and Infrastructure Technical Assistance Programme for Ghana.
The initiative programme will concentrate on delivering climate finance, low-carbon, climate-resilient infrastructure, and aid cities in becoming innovation hubs while promoting sustainable economic growth.
Ghana’s Auto Sector Mission
They also discussed 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.
UK agreed 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 Council also celebrated the first investments into Ghanaian businesses by British International Investment’s Growth Investment Partners fund.
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.