The Government has signed a series of Memoranda of Understanding (MoU) with the United Kingdom’s (UK) Society Motor Manufacturing and Traders’ Auto Development Centre (SMMT) to explore opportunities in Ghana’s automobile industry for their mutual benefits.
The Agreements would facilitate corporation in auto investment, including investment in Electric Vehicles (EVs).
There was also an MoU on Science, Technology and Innovation, which would drive economic prosperity through science and technology.
The MoU was signed during the Nineth United Kingdom-Ghana Business Council (UKGBC) meeting held at the Jubilee House in Accra on Wednesday.
It would ensure the pursuit of skills, knowledge and technology transfer between UK’s SMMT and Ghana’s automobile industry.
Mr Ashley Fernihough, the Chief Executive Officer, UK’s SMMT, signed for the UK Government, while Dr Kwaku Afriyie, the Minister of Environment, Science Technology and Innovation, signed for Ghana.
The Agreement was witnessed by Ghana’s Vice President, Dr Mahamudu Bawumia and Mr Andrew Mitchell, the UK’s Minister of State, Development and Africa.
During the meeting, members of the United Kingdom-Ghana Business Council deliberated on some global climate finance architecture.
They welcomed Ghana’s commitment to unlocking climate financing to support a pipeline of impactful climate activities in areas such as carbon finance blends, Electric Vehicles, shipping and a hydrogen economy.
The Council welcomed UK’s announcement of the Green Cities and Infrastructure Technical Assistance Programme for Ghana.
The programme would focus on delivering climate finance, low-carbon, climate-resilient infrastructure, and support cities to become hubs of innovation while bolstering sustainable economic growth.
Members of the Council also welcomed the successful auto sector investor mission, which took place from 22nd to 26th January 2024.
The event brought together leading UK automobile companies to explore opportunities in Ghana’s auto sector.
Against this backdrop, members of the Council agreed to work collaboratively to identify opportunities to support Ghana’s industrial transformation in the auto and E-mobility industry, pharmaceutical manufacturing, and garments sector.
The Council welcomed the signing of the Memorandum of Understanding (MoU) between the UK’s Society Motor Manufacturing and Traders’ Industry Forum and the Ministry of Trade’s Auto Development Centre agreeing to pursue skills, knowledge and technology transfer partnerships, as part of the JET programme.
Members celebrated the first investments into Ghanaian businesses by British International Investment’s Growth Investment Partners Fund.
The co-chairs of the meeting acknowledged the significant progress the Council had made since its inception in 2018.
Council members agreed to continue to advance work on the UKGBC priority sectors to deepen the UK-Ghana relationship, while exploring other areas such as climate finance and electric vehicles.
The next UKGBC meeting would be convened in summer, 2024.
GNA