Frontier notes – the UK’s economic partnership with Ghana – The Property Chronicle
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Frontier notes – the UK’s economic partnership with Ghana

The Analyst

Earlier this month, the UK and Ghana announced the signing of a long-anticipated bilateral economic partnership agreement (EPA) aiming to replicate pre-Brexit trading arrangements and provide for the two countries’ respective long-term economic ambitions.

To quote UK authorities, the deal means that: “Ghanaian products including bananas, tinned tuna and cocoa will benefit from tariff-free access to the United Kingdom. UK exports are also in line to benefit from tariff liberalisation from 2023, including machinery, electronics and chemical products.”

Regulatory clarity is the agreement’s most immediate benefit. And one not to be sniffed at. Of Africa’s 54 countries, Ghana is the region’s ninth-largest economy and the UK’s ninth-largest trading partner (at least in terms of merchandise trade). Ghanaian-British bilateral trade flows in 2019 were valued at £1.2bn, according to figures provided by the British government. The £204m stock of UK foreign direct investment (FDI) in Ghana and £1m stock of Ghanaian FDI in the UK are additional pillars of the relationship.

Looking forward, there are reasons to believe that the potential for the relationship is larger than the status quo

Looking forward, however, there are reasons to believe that the potential for the relationship is larger than the status quo. At 7.1% and 4.1% year-on-year, Ghana’s average annual GDP and real per capita GDP growth was the third-fastest in the entire region between 2009 and 2018 – behind Ethiopia and Rwanda. Recently discovered oil and gas resources are an important part of that story (production began in December 2010).






The Analyst

About Nana Adu Ampofo

Nana Adu Ampofo

Joint Managing Partner and Co-Founder of Songhai Advisory, Nana is an experienced and well-networked British and Ghanaian business leader dedicated to facilitating the growth and development of countries in Sub-Saharan Africa. In this role, Nana has led the Songhai team in delivering on business and political risk projects for organisations of international repute, including various private equity and hedge fund groups, the Overseas Development Institute, the British Council, UK Trade and Invest and global executive search firm, Russell Reynolds. Before launching Songhai Advisory with Kissy Agyeman-Togobo, Nana worked with the international market intelligence firm IHS as an economic and political risk specialist, the United Nations Conference on Trade and Development (UNCTAD) and the UK’s Department of Trade and Industry. Nana may be contacted on nana.ampofo@songhaiadvisory.com

Articles by Nana Adu Ampofo

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