UK gives Ghana £20m grant
Ghana and the United Kingdom have signed an agreement under which the UK will give Ghana a 20-million pound grant under a jobs and economic transformation programme.
The expected outcome of the programme, which will be implemented in the next six years, includes economic diversification and trade boost that will deliver 15,000 formal jobs in the targeted sectors.
The Minister of Trade and Industry, Mr Alan Kwadwo Kyerematen, initialled for Ghana, while the UK Minister of State for Africa, Ms Harriet Baldwin, signed for her country.
Addressing the media at the Jubilee House after the signing ceremony on Tuesday, Mr Kyerematen said the government was working to reduce the volatility of the economy by diversifying its sources of growth, especially from being an export base to a sector that created jobs.
He said the government was also pursuing comprehensive initiatives and strategic interventions to open up investment opportunities for domestic and foreign companies.
The interventions, he said, covered agro-manufacturing, automobile assembling, pharmaceutical, salt-based chemicals and garments and textiles industries.
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For her part, Ms Baldwin stated that the provision of the grant represented a new relationship that would make the UK help Ghana realise its policy of a Ghana Beyond Aid.
She said the support would facilitate value addition, promote industrialisation and focus on ensuring that doing business in Ghana was easier.
Ms Baldwin is in Ghana on a visit, and while here, she will visit Blue Skies, a factory in which the CDC, the UK’s development finance institution, has invested.
The visit is to enable her to learn at first hand the state of the company, the business model it uses and how it could be replicated to spur economic growth.
The fruit factory currently employs over 3,500 Ghanaians and supports many small businesses through its supply chain.
Ahead of the visit, Ms Baldwin observed that “the UK and Ghana have a long-standing friendship based on shared values and strong links between our people,” in a statement issued by the British High Commission in Accra.
“Under President Akufo-Addo, the country is making remarkable strides towards a Ghana Beyond Aid. The UK continues to support this vision, which is why we are moving towards a modern partnership for prosperity and growth for both of our countries by unlocking new opportunities for businesses and investment,” she said.