At the conclusion of the 9th UK-Ghana Business Council Meeting in Accra on January 31, 2024, Ghana and the United Kingdom formalized two significant Memoranda of Understanding (MoUs) aimed at enhancing cooperation in the fields of science, innovation, technology, and the automotive industry.
The first MoU is centred on science, innovation, and technology, with the objective of driving economic prosperity through advancements in these areas. The second MoU, related to the automotive industry, was signed between the UK’s Society Motor Manufacturing and Traders’ Industry Forum and Ghana’s Ministry of Trade’s Auto Development Centre. This agreement seeks to facilitate skills, knowledge, and technology transfer partnerships as part of the JET programme.
The meeting was co-chaired by Ghana’s Vice President Dr. Mahamudu Bawumia and the UK Minister for Development and Africa, Rt. Honourable Andrew Mitchell (MP), alongside other senior government officials from both countries.
A joint communique issued by the UK-Ghana Business Council at the end of the meeting emphasized Ghana’s progress in reaching an agreement with the official creditor committee and highlighted the successful completion of the first review of the IMF programme. This progress has resulted in improved economic stabilization, with the UK affirming its continued support for Ghana’s successful exit from the IMF programme.
Furthermore, discussions at the meeting revolved around global climate finance architecture, with a focus on unlocking climate financing to support impactful climate activities in areas such as carbon finance blends, electric vehicles, shipping, and a hydrogen economy. The UK also announced the Green Cities and Infrastructure Technical Assistance Programme for Ghana, which aims to deliver climate finance and support cities to become hubs of innovation while promoting sustainable economic growth.
In addition to these discussions, the meeting addressed the successful auto sector investor mission, which brought together leading UK automobile companies to explore opportunities in Ghana’s auto sector. This led to a commitment to work collaboratively to identify opportunities to support Ghana’s industrial transformation in the auto and E-mobility industry, pharmaceutical manufacturing, and the garments sector.
The Council also celebrated the first investments into Ghanaian businesses by British International Investment’s Growth Investment Partners fund, marking a significant milestone in the bilateral relationship between the two countries.
Vice President Bawumia expressed satisfaction at the strengthening of bilateral ties through the UK-Ghana Business Council, describing it as “a special, productive forum.” Since its establishment in 2018, the Council has played a crucial role in supporting investments in infrastructure across Ghana, including projects such as the Kumasi International Airport, the Tamale International Airport, and the Bekwai Hospital.
Looking ahead, the Council aims to continue advancing work on priority sectors to deepen the UK-Ghana relationship, with a focus on areas such as climate finance and electric vehicles. The next UK-Ghana Business Council meeting is expected to be held later this year, providing another opportunity to further strengthen business ties between the two countries.
In conclusion, the signing of these two MoUs marks an important step in the ongoing cooperation between the United Kingdom and Ghana, paving the way for increased collaboration and mutual benefits in the fields of science, innovation, technology, and the automotive industry.
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