9th UK-Ghana Business Council: Two MoU on Automotive and Science, Innovation and Technology signed

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After the 9th UK-Ghana Business Council Meeting in Accra on Wednesday, January 31, 2024, Ghana and the UK signed two Memoranda of Understanding.

Science, innovation, and technology were the subjects of the two signed agreements, along with the automobile sector.

With regard to science, innovation, and technology, the agreement is anticipated to propel economic prosperity via these fields. In the automotive domain, on the other hand, the Memorandum of Understanding (MoU) between the Ministry of Trade’s Auto Development Center and the UK’s Society Motor Manufacturing and Traders’ Industry Forum commits to pursuing partnerships for the transfer of skills, knowledge, and technology as part of the JET program.

The 9th UK-Ghana Business Council Meeting was co-chaired by the Vice President Dr. Mahamudu Bawumia and the UK Minister for Development and Africa, Rt Honourable Andrew Mitchell (MP), with other senior government officials from both countries present.

A joint communique issued by the UK-Ghana Business Council, at the end of the meeting, 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 stabilization. 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,” said the communique.

Council members also 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 meeting, the communique noted, 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,” the statement added.

Members also discussed and welcomed the successful auto sector investor mission, which took place from 22nd to 26th January 2024, bringing 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 statement added that the Council also celebrated the first investments into Ghanaian businesses by British International Investment’s Growth Investment Partners fund.

The co-chairs, Vice President Bawumia and Rt Honourable Andrew Mitchell, acknowledged the significant progress the Council has made since its inception in 2018, and also 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.

Specifically, Vice President Dr. Bawumia expressed gratitude for the UK-Ghana Business Council’s role in fostering bilateral relations between Ghana and the UK, calling it “a special, productive forum.”

Since its founding in 2018, the Council has helped Ghana by funding infrastructure improvements throughout the nation and generating business opportunities for UK and Ghanaian companies.

The Bekwai Hospital, the Tamale International Airport, and the Kumasi International Airport are a few of the noteworthy projects that the Council has supported.

Later this year is when the next UKGBC meeting is anticipated to take place.

Source: Ghanatodayonline.com

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