The United Kingdom (UK), will soon announce a new bilateral support package for Ghana in the coming months, UK High Commissioner to Ghana, H.E Iain Walker has revealed.
The package, which is in its final stage of preparation, the High Commissioner noted, is designed to stimulate private investment and to create jobs for the economy by deliberately increasing investment into key sectors.
“So we intend to focus more on agro-based industries working with British, Ghanaians and other global companies operating here. Of course, some support will be specified to other critical sectors as well,” Walker said.
The anticipated support, he explained, lies at the heart of the UK’s commitment to help Ghana attain its development potentials.
“Building on the work done so far to shape the business environment, oil and gas governance and development of SMEs, this new project will be anchored on a strategic partnership with the government to deliver mutual benefits for our countries by redirecting resources in the form of UK Aid to trade and investment with the private sector” he disclosed.
Instructively, Ghana, as at the beginning of this year, has been enjoying a competitive financing support to the tune of £500 million as part of the UK’s strategy to boost operations of businesses that desire to be at the forefront of the industrialization of the economy through infrastructure development.
A UK company, AECOM is the project manager on the Tema Port Expansion Project while other companies from that country, are far advanced in discussions with promoters of the Takoradi Port Expansion project for investment.
The UK Export Finance, this year, also provided £66.5 million to government for the redevelopment of the Kumasi Airport.
“It is by increasing trade and supports that would enable Ghana to mobilise revenues for infrastructure improvements and to ensure quality education so that this country has a work force that can meet the challenges of the future” he averred.
H.E Walker, lauded government’s initiative of ‘Ghana beyond aid’ as having the possibilities to unlock the vision of growth
“At the core of that agenda is a focus on economic development, driven by industrialisation and value addition to commodity exports. To this end, flagship projects such as One District One Factory, One Village One Dam and the plans to develop an integrated bauxite mining and aluminium industry for this country, are in the right direction,” he added.
By Wisdom Jonny-Nuekpe