James Cleverly, the Foreign Secretary of the United Kingdom, is set to visit three African countries during his four-day tour aimed at strengthening future-focused and mutually beneficial partnerships.
Kicking off his journey in Ghana today, Monday, July 31, Cleverly will announce new UK investments for small businesses in Ghana. As one of the UK’s major export markets in sub-Saharan Africa, Ghana will receive a £40 million boost for its businesses. This funding, provided by British International Investment, the UK’s development finance institution wholly owned by the FCDO, will offer long-term flexible capital to support up to 150 Ghanaian small and medium-sized enterprises (SMEs) in 15 years, enabling them to access business support services and foster growth.
Ghana holds significant importance for the UK, being the fourth-largest export market in sub-Saharan Africa. In 2022, the total UK imports from Ghana amounted to £1.3 billion. The SME sector plays a pivotal role in Ghana’s private sector, contributing over 90% to it, generating 60% of the country’s jobs, and contributing 70% to its GDP.
During his visit to Accra, the capital of Ghana, the Foreign Secretary will witness the UK-Ghana partnership in action, visiting the UK-Ghana NGO Trashy Bags, where recycled drinking water sachets are transformed into bags and sustainable products. The NGO receives grants from UK Export Finance. The newly announced funding aligns with the UK Prime Minister’s focus on growing the economy, with investments aimed at unlocking the potential for long-term economic growth in both Ghana and the UK.
James Cleverly expressed his vision for the UK to lead future-focused and mutually beneficial partnerships with African countries within the world’s largest free trade area. He emphasized the immense potential for economic growth across Africa, spanning investments in clean energy to companies innovating with waste products for fashion items. The upcoming UK-African Investment Summit, scheduled to be hosted in London in April next year, is seen as an opportunity to further strengthen business links and foster economic growth between the UK and African nations.
During the visit, the Foreign Secretary will also launch a £3.9 million UK program to address illicit flows of illegal gold and the social, environmental, and economic consequences of this trade in Ghana and the UK. Additionally, Cleverly will visit a prestigious life-science institution in Africa to introduce the UK-Ghana Science Tech and Innovation Strategy. This strategy aims to enhance health security, create new investment opportunities, and position Ghana and the UK at the forefront of global life science priorities, including the eradication of malaria.
Following his time in Ghana, Cleverly will proceed to Nigeria and Zambia, where he will meet with key government figures to discuss the positive future of partnerships between the UK and Africa. The Foreign Secretary’s agenda also includes engagements with African businesses and NGOs, showcasing the fruitful outcomes of UK partnerships, leading to economic growth and facilitating trade and investment opportunities.
July 31, 2023 Delino Gayweh Serrari Financial Analyst
photo source Google
