Ghana-UK Business Council signs joint communique

Finance Minister, Ken Ofori-Atta with UK Minister for Africa, Rt. Hon. Harriet Baldwin during the signing behind are Vice President Dr. Mahmudu Bawumia and UK’s High Commissioner to GH., Iain Walker

Ghana has signed a communique with the UK on a set of clear actions to take forward a deeper and more strategic bilateral partnership, designed to enhance economic development, job creation, trade and investment between both countries.

Finance Minister, Ken Ofori-Atta signed on behalf of Ghana whiles UK Minister for Africa, Rt. Hon. Harriet Baldwin signed for the UK. The ratification followed the first-ever meeting of the UK-Ghana Business Council (UK-GBC) held on Sunday October 14, 2018 in Accra, which was co-chaired by the Vice President of the Republic His Excellency Dr. Mahmudu Bawumia and Rt. Hon. Harriett Baldwin, Minister for Africa, United Kingdom.

UK’s commitment

The UK expressed support for Ghana’s bold and ambitious policy for taking “Ghana Beyond Aid” and committed to help match UK expertise, finance and policy assistance as closely as possible with Ghana’s priorities. The two countries also agreed to explore ways to reduce barriers and business environment constraints to further trade and investment into Ghana. The meeting also welcomed the recent announcement that the UK Export Finance has significantly increased its market risk appetite for Ghana, and introduced a new facility to issue guarantees in cedis.

Ghana’s response

Ghana welcomed the UK’s intention to avoid trade disruption as it withdraws from the EU and the UK’s continued participation in existing arrangements during the proposed implementation period between the EU and the UK.

Both countries agreed to focus on steps to ensure trade continuity once current arrangements no longer apply to the UK, laying the foundations for a deeper trade and investment relationship in the future. The meeting recognized that this is a technical exercise at this stage rather than an opportunity to renegotiate terms.

The UK-Ghana Business Council noted the importance of the two-day UK-Ghana Investment Summit held from October 15-16, 2018 in Ghana to help attract new UK investment into Ghana. Participants agreed that the UK-GBC should be held twice a year and that the next meeting would be held in London on December 10, 2018.