PRESS RELEASE : Joint Communique issued at the end of the UK-Ghana Business Council meeting [January 2024]

The UK-Ghana Business Council (UKGBC) held its ninth meeting in Accra on 31 January 2024. The meeting was co-chaired by the Vice-President of the Republic of Ghana His Excellency Alhaji, Dr Mahamudu Bawumia and the UK Minister for Development and Africa, Rt Honourable Andrew Mitchell MP.

The Council welcomed Ghana’s progress on reaching an agreement with the official creditor committee and completion of the first review of the IMF programme. Members acknowledged Ghana’s progress in implementing the programme, which has since resulted in improving economic stabilisation.

The UK assured council members of its continued 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 discussed the global climate finance architecture and welcomed Ghana’s commitment to unlock climate financing to support a pipeline of impactful climate activities in areas such as carbon finance blends, EVs, shipping and a hydrogen economy.

The Council welcomed UK’s announcement of the Green Cities and Infrastructure Technical Assistance Programme for Ghana. The programme will focus on delivering climate finance, low-carbon, climate-resilient infrastructure, and support cities to become hubs of innovation while bolstering sustainable economic growth.

Members welcomed the successful auto sector investor mission, which took place from 22 to 26 January 2024. It brought together leading UK automobile companies to explore opportunities in Ghana’s auto sector. Against this backdrop, 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 welcomed the signing of the Memorandum of Understanding (MoU) between the UK’s Society Motor Manufacturing and Traders’ Industry Forum and the Ministry of Trade’s Auto Development Centre agreeing to pursue skills, knowledge, and technology transfer partnerships, as part of the JET programme.

Members celebrated the first investments into Ghanaian businesses by British International Investment’s Growth Investment Partners fund. Council members witnessed the signing of the Science, Technology and Innovation MoU which will drive economic prosperity through science and technology.

The co-chairs acknowledged the significant progress the Council had made since its inception in 2018. Council members agreed to continue to advance work on the UKGBC priority sectors to deepen the UK-Ghana relationship, while it explores other areas such as climate finance and electric vehicles.

Members agreed to convene the next UKGBC meeting in summer of 2024.