At the recent 9th UK-Ghana Business Council Meeting, Ghana and the United Kingdom solidified their partnership by signing two significant Memoranda of Understanding. This milestone event, which took place in Accra on January 31, 2024, marks a new chapter in the collaborative efforts between the two nations.
The two MoUs cover the fields of science, innovation, and technology, as well as the automotive industry. The agreement on science, innovation, and technology aims to drive economic growth through the promotion of science and technology. Meanwhile, the MoU on the automotive industry, signed between the UK’s Society Motor Manufacturing and Traders’ Industry Forum and Ghana’s Ministry of Trade’s Auto Development Centre, focuses on fostering skills, knowledge, and technology transfer partnerships under the JET programme.
The 9th UK-Ghana Business Council Meeting, co-chaired by Vice President Dr Mahamudu Bawumia and UK Minister for Development and Africa, Rt Honourable Andrew Mitchell (MP), brought together senior government officials from both countries. The meeting yielded a joint communique that acknowledged Ghana’s progress in implementing the IMF program, resulting in significant economic stabilization.
Furthermore, the council members discussed global climate finance architecture and Ghana’s commitment to unlocking climate financing to support impactful climate activities involving carbon finance blends, electric vehicles, shipping, and a hydrogen economy. The UK also announced the Green Cities and Infrastructure Technical Assistance Programme for Ghana, focusing on delivering climate finance and supporting cities to become hubs of innovation while promoting sustainable economic growth.
During the meeting, the focus also turned to the successful auto sector investor mission, which saw leading UK automobile companies exploring opportunities in Ghana’s auto sector. This led to an agreement to collaborate in identifying 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 initial investments in Ghanaian businesses by British International Investment’s Growth Investment Partners fund. The co-chairs, Vice President Bawumia and Rt Honourable Andrew Mitchell, highlighted the significant progress made by the Council since its establishment in 2018 and agreed to continue advancing work on priority sectors to deepen the UK-Ghana relationship.
Vice President Dr. Bawumia 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.” Meanwhile, the Council has supported Ghana with investments in infrastructure, including projects such as the Kumasi International Airport, the Tamale International Airport, and the Bekwai Hospital.
The next UKGBC meeting is on the horizon, and is anticipated to further strengthen the partnership between Ghana and the United Kingdom. These latest developments demonstrate the unwavering commitment of both nations to foster mutually beneficial collaborations, with the aim of driving economic growth and prosperity for both parties.
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