UK-Ghana trade partnership hits £1.5bn
By: Solomon Nartey Tetteh
The outgoing British High Commissioner to Ghana, Harriet Thompson, has announced a significant rise in trade between the United Kingdom and Ghana, with bilateral trade now valued at £1.5 billion.
The United Kingdom and Ghana share a long-standing bilateral relationship grounded in historical, political, and economic ties. Over the years, trade and investment have become central pillars of this partnership.
Following Brexit, the UK has prioritized strengthening trade relations with Commonwealth nations, including Ghana. In March 2021, the two countries signed the UK-Ghana Trade Partnership Agreement, which mirrors the terms of the Economic Partnership Agreement Ghana had with the European Union. The deal ensures tariff-free and quota-free access for Ghanaian exports to the UK market and vice versa, providing continuity and stability for businesses.
In a recent interview on Accra-based Citi TV, Ms. Thompson emphasized the UK’s commitment to deepening its economic partnership with Ghana, particularly in the area of trade.
She noted that, despite global economic challenges brought on by the COVID-19 pandemic, trade relations between the two nations have continued to grow.
Our ambition is to increase the UK-Ghana economic partnership. That includes trade, and it’s very much a two-way relationship. I’m pleased to report that, even with the difficult economic conditions the world has faced since the pandemic, the UK-Ghana trade partnership has grown and now stands at £1.5 billion,” the outgoing British High Commissioner said.
Ms. Thompson revealed that more than half of that trade value is made up of exports from Ghana to the UK, largely driven by gold and oil.
However, she pointed out that other sectors are beginning to emerge as key contributors.
“Over half of that figure represents Ghanaian exports to the UK. While gold and oil make up a significant portion, other sectors such as agriculture are also beginning to show promising growth,” she added.
Ms. Thompson also expressed optimism about the future of UK-Ghana relations, underscoring the mutual benefits of deeper economic ties.
