The United Kingdom Prime Minister’s Trade Envoy to Ghana, Baroness Catherine Hoey of Lylehill and Rathlin, has emphasized the importance of mutually beneficial cooperation and balance in trade between the UK and Ghana. Speaking at the launch of the INEOS Grenadier, an off-roader 4×4 vehicle, into the Ghanaian automobile market, Baroness Hoey highlighted the need for increased exports from Ghana to the UK and vice versa.
Total trade in goods and services between the UK and Ghana saw a significant increase, reaching £2.1 billion in the four quarters ending Q2 2023, marking a 44.6 percent rise compared to the previous year. This included £1 billion worth of exports from the UK to Ghana and £1.2 billion worth of imports from Ghana to the UK.
Baroness Hoey underscored the significance of enhancing trade relations between the two nations, particularly in light of the economic challenges faced globally. She emphasized that increased trade between Ghana and the UK would benefit both countries and strengthen their longstanding relationship.
Expressing delight at the launch of the British-designed INEOS Grenadier in Ghana, Baroness Hoey commended the innovation and diversification by INEOS Group. She noted that such initiatives not only showcase British design prowess but also contribute to strengthening relations between Ghana and the UK.
Vice President Dr. Mahamudu Bawumia also highlighted the strong trade relations between the UK and Ghana, particularly noting improvements in commerce and construction since the inception of the UK-Ghana Business Council in 2018. He emphasized Ghana’s attractiveness as an investment hub, especially with the presence of the African Continental Free Trade Area (AfCFTA) secretariat in Accra.
The UK-Ghana Business Council, established to deepen trade and investment and strengthen strategic partnerships, has facilitated investments across various sectors, including agro-processing, garments, pharmaceuticals, and infrastructure development.
The meeting between representatives from the UK and Ghana aimed to further enhance bilateral economic relations and strengthen strategic partnerships. It provided a platform for discussions on boosting economic and commercial ties, fostering mutual growth, and exploring new avenues for collaboration between the two nations.