UK-Ghana auto investor mission for economic transformation comes off on Jan 22

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In a landmark initiative to bolster economic collaboration, a delegation of prominent UK auto investors embarks on a trade mission to Ghana from January 22 to 26.

Organised by the Jobs and Economic Transformation (JET) Ghana team, a UK Government program dedicated to the creation of Jobs and economic transformation in Ghana.

The UK delegation aims to explore investment opportunities, foster partnerships, and contribute to the growth of the automotive sector in Ghana.

Africa’s remarkable transformation of its automotive industry sets the stage for further innovation and substantial market growth.

Ghana is one of the leading African countries spearheading this growth and the trade mission confirms Ghana as an important player in the continent.

Ghana’s automotive industry valued at $4.6 billion in 2021, is expected to reach $10.64 billion by 2027.

This growth will see an increase in job creation, technology transfer, and the enhancement of local manufacturing capabilities.

The mission will include a series of meetings, site visits, and networking events, providing a platform for knowledge exchange and relationship-building between UK investors and Ghanaian counterparts.

Topics of discussion will include investment incentives, regulatory frameworks, and collaborative initiatives with domestic firms to drive innovation in the auto industry.

The delegation will also participate in a forum highlighting the potential for renewable energy integration within the automotive industry, reflecting a shared commitment to environmental sustainability.

Speaking ahead of the UK-Ghana Auto Investor Trade Mission, Eugene Sangmortey, team leader for JET Ghana said, “The Auto Investor Trade Mission to Ghana signifies a commitment to fostering economic partnerships and exploring mutually beneficial opportunities.

“Ghana’s vibrant market and strategic location make it an attractive destination for UK auto investors seeking to expand their global footprint.”

During the mission, UK auto investors from Comline, Afrivolt, Meridian Generic, Spencer West LLP, and Metfinn plus representatives from the Society of Motor Manufacturers and Traders (SMMT), will engage in high-level discussions with government and key stakeholders on opportunities and partnerships with Ghana.

British High Commissioner to Ghana, Harriet Thompson said, “Ghana is an important trade partner for the UK. The economic strides made by Ghana in the auto sector are commendable, demonstrating resilience and potential for growth.

“This vibrant sector presents exciting opportunities for collaboration for UK investors.

“The UK automotive market is estimated at £67 billion, and we look to working with Ghana as it scales its ambition into new areas such as component manufacturing, auto technology and electric vehicles.

Matthew Smith, SMMT Head of International, said, “The UK automotive industry is open to international collaboration, with a strong track record of working with partners worldwide.

“Ghana is committed to developing its automotive industry and this mission offers the opportunity for UK companies to understand what the future looks like in one of Africa’s leading emerging markets.”

As the Auto Investor Mission unfolds, it is expected that meaningful partnerships will be realised to drive mutual economic prosperity between the UK and Ghana.

The Mission will also pave the way for further discussions at the third UK-African Investment Summit 2024, where transformative sectors such as Electric Vehicles and critical minerals will be highlighted as key sectors between the UK and its African partners.

Source: Joy Online Business news


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