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Economic recovery through industrialization key to UK-Ghana business partnership

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Economic relations between the UK and Ghana can enhance Ghana’s economic recovery, especially as the country aggressively industrializes.

Boosted local production of Made-In-Ghana products (over 100 world-class products), through the 1D1F’s, is critical to driving job creation and economic recovery.

It’s for this reason that Alan Kyerematen has fashioned Industrial Job Creation Policies (IJCP), targeted at selected industries.

The deepening trade ties between British and Ghanaian businesses will yield more revenues for both countries and create even more jobs for unemployed Ghanaians, especially because of the focus on the Strategic Anchor Industries (SAI’s).

Economic investments in these strategic industries like the pharmaceutical industries hold huge promise for massive jobs for Ghanaians.

More deals targeted at boosting local production for exports through the building of factories here in Ghana will be a huge achievement for UK-Ghana investment relations.

The opportunity is ripe for UK counterparts of the UK-Ghana Business Council to advance investments in the manufacturing sector, especially looking at the practical policies for industrialization created by Alan Kyerematen.

Currently, UK and Ghana trade is worth £ 1 billion annually and that can multiply with Ghana aggressively seeking to accelerate local production.

The value of goods and products multiplies anytime there’s value-added through processing.

Ghana’s economy will recover and thrive as long as the focus on industrialization is maintained and advanced.
This form of practical economics is the way forward to create jobs that will lead to Ghana’s post-Covid economic recovery.

British International Investment’s ambitious plan for the year ahead sees a Ghana that is ready to seize the opportunity to create more jobs and deliver prosperity for Ghanaians.

Ghana is currently UK’s fourth-biggest export market in sub-Saharan Africa. The UK aims to boost UK-Ghana trade to £1.4 billion by 2024.

The UK-Ghana Industrialization partnership has seen support for the Jobs and Economic Transformation (JET) program.

This has led to growth in Ghana’s auto, garments and pharma sectors and a flow of global investment into Ghana.

This is will help Ghanaian businesses in local manufacturing take advantage of the benefits of the UK-Ghana Trade Partnership Agreement; duty-free, quota-free access to UK markets.

 

 

Story By: Terry Afram-Kumi

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