The United Kingdom Prime Minister’s Trade Envoy to Ghana, Baroness Catherine Hoey of Lylehill and Rathlin, has underscored the need for mutually beneficial cooperation and balance in trade between the two countries.
Total trade in goods and services – exports plus imports – between the UK and Ghana was £2.1billion in the four quarters to end-Q2 2023, an increase of 44.6 percent or £647million from the four quarters to end-Q2 2022.
Of this amount, the UK’s exports to Ghana amounted to £1billion in the four quarters to end-Q2 2023 – an increase of 5.8 percent or £57million in current prices, compared to the four quarters to end-Q2 2022.
Total UK imports from Ghana, on the other hand, amounted to £1.2billion over the same comparative period, representing an increase of 110.1 percent or £646.
Ghana was the UK’s 65th-largest trading partner in the four quarters to end-Q3 2023, accounting for 0.1 percent of total UK trade.
“The Prime Minister’s Envoy’s role is to bring about very good trade relations between Ghana and the United Kingdom. We want to see more and more exports from Ghana to the United Kingdom and more imports from the United Kingdom to Ghana,” she said.
This, she explains, is very crucial given the longstanding relationship between the two parties. More importantly, she said, in an era when countries are striving to sustain their economies it has become even more necessary to increase trade between Ghana and the UK.
“All countries are facing problems at the moment, and the more that we can do trade between our two countries, the better,” the trade convoy added.
She made these remarks in Accra at the launch of the INEOS Grenadier – an off-roader 4×4 vehicle – into the domestic automobile space. The vehicle was manufactured by INEOS Group and launched in Ghana by ION Motors Ghana, a subsidiary of Japan Motors, and combines British design and German engineering but is specially built for Africa.
Baroness Hoey expressed joy at the innovation and diversification by INEOS, a British company well known in the area of petrochemicals, saying: “This goes to show that British design is something that can be recognised all over the world.
“I am very pleased that I have been able to see the launch of this British-designed vehicle from a company that has got so much credibility all over the world; and to be working with ION Motors and getting it across to be used in Ghana is only going to further strengthen relations between Ghana and the UK – and that’s what is important,” the Trade Envoy added.
Vice President Dr. Mahamudu Bawumia, on his part, noted that since the Council’s inception in 2018, trade relations between the two countries have remained strong – with particular improvement in areas such as commerce and construction.
He stressed that Ghana remains an attractive investment hub, especially with the African Continental Free Trade Area (AfCFTA) secretariat situated in Accra.
He expressed confidence that the meeting will further enhance bilateral and economic relations as well as strengthen strategic partnerships in various areas. “A platform such as this aims at boosting economic and commercial relations between our two countries, and is most encouraging.”
The UK-Ghana Business Council was established with a focus on deepening trade and investment, as well as strengthening strategic partnerships in key areas. Over the years, the Council has facilitated investments in diverse sectors including agro-processing, garments and textiles, pharmaceuticals and roads, among others.
Source: thebftonline.com
