A deal promoting growth and development in both the UK economy and that of Ghana will promote cultural and economic cooperation between the two countries. Also, this will benefit both countries and increase their profit margin.
The United Kingdom signs a trade partnership agreement with Ghana which will help secure tariff-free trade and provide a platform for greater economic and cultural cooperation. The deal allows a trading relation worth €1.2bn and restore the terms of the economic partnership accordance between the two parties when the UK was part of the EU.
Therefore it means Ghanaian products including bananas, tinned tuna and cocoa will gain from the tariff-free access to the United Kingdom. UK exports are also in line to benefit from the tariff liberalisation from 2023, including machinery and electronics, chemical products.
The agreement was signed by Secretary of State for International Trade Liz Truss and Ghana’s Acting High Commissioner to the UK, Peprah Ampratwum, at the Department for International Trade in central London. Secretary Truss was joined on a video call by Ghana’s Minister Designate for Trade and Industry, Alan Kyerematen to mark the signing.
International Trade Secretary Truss said :
– I am delighted to be able to sign this deal with our friends and partners in Ghana. It provides certainty for businesses that provide vital jobs and livelihoods in Ghana, and it strenghtens the ties between our countries’.
– We now look forward to deepening and furthering our relationships in the future, and working together to secure a broader agreement with West Africa Region.
The Minister for International Trade Ranil Jayawardena said :
– This deal secures tariff-free access for products that British shoppers love and jobs they support in Ghana. Paving way the way for further economic growth as we build back better from Covid19
– It is further evidence of Britain’s determination to champion free trade around the world ,which fosters growth and creates jobs and raises living standards for all.
UK Minister for Africa James Duddridge said:
-The UK and Ghana have a strong and the signing of today’s agreement marks an important moment for boosting trade, worth €1.2 billion between the two nations.
-With tariff-free access for Ghana to the UK , it will enable businesses to scale up their operations, support innovation in markets and create jobs as we recover together from the coronavirus pandemic.
Ghana’s largest exports to the U.K include mineral fuels and oil. Preparation of fish ,fruits, cocoa and cocoa preparations. It’s top import includes clothing/textiles,machinery and mechanical appliances and chemical products from the UK.
The deal means the UK has now secured trade agreements with 65 non-EU countries and representing trade worth €217 billion in 2019. This accounts for 97% of the value of trade with non-EU countries that we set out to secure agreements with at the start of the trade continuity programme.