Ghana and Britain on Tuesday signed a £20 million (22 million euros, $26 million) trade and investment agreement to create jobs and promote economic development in the west African nation, the Ghanaian presidency said.
The presidency said a Memorandum of Understanding, which represents Britain’s new working programme in its former colony, has been tailored along President Akufo-Addo’s vision of a “Ghana Beyond Aid”.
Britain’s Minister of State for Africa Harriet Baldwin who signed on behalf of her government said the programme would focus on four key areas.
“It will focus on some of the policy suggestions to make it easier to do business in Ghana, and on promoting of opportunities for inward investment into Ghana,” she said.
The agreement would also ensure more value-added activities for Ghana exports as well as develop infrastructure that will attract new investments into the country.
Baldwin said the programme will attract at least £15 million investments into Ghana, creating an estimated 15,000 new jobs.
Ghana Trade and Industry Minister Alan Kwadwo Kyerematen said he hoped the deal would lead to improved trade relations with Britain.
“I therefore see this as a game changer, a turning point in opening a new chapter in UK-Ghana relations. (I am) glad to note that this jobs and economic transformation programme is, indeed, signaling this transition to focus on trade and investment,” he said.
The agreement comes as British Prime Minister Thesera May began a tour of South Africa, Nigeria and Kenya as part of a campaign to promote Britain’s global ambitions after it leaves the European Union next year.
“By 2022, I want the UK to be the G7’s number one investor in Africa, with Britain’s private sector companies taking the lead,” May told business leaders in Cape Town, South Africa on Tuesday.