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The UK has signed a trade partnership agreement with Ghana that secures tariff-free trade and provides a platform for greater economic and cultural cooperation.
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 Trade and Industry Minister Designate, Alan Kyerematen, to mark the signing.
The deal supports a trading relationship worth £1.2bn and reinstates the terms of the economic partnership agreement between the two sides when the UK was part of the EU.
It means 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.
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 strengthens the ties between our two countries.”
“We can now look forward to deepening and furthering our relationship in future, and working together to secure a broader agreement with the West Africa Region”, he emphasised
Minister for International Trade Ranil Jayawardena said: “This deal secures tariff-free access for products that British shoppers love – and supports jobs in Ghana – paving the way for further economic growth as we build back better from Covid-19.”
“It is further evidence of the UK’s determination to champion free trade around the world, which fosters growth, creates jobs and raises living standards for all.”
Ghana’s largest exports to the UK include mineral fuels and oil, preparations of fish, fruit, cocoa and cocoa preparations.
Imports from UK however include clothing/textiles, machinery and mechanical appliances, and chemical products from the UK.
Total UK trade with Ghana was £1.2 billion in 2019, of which UK exports were £652 million
The UK government has secured trade agreements with 65 countries plus the EU.
Total trade with these countries was worth £890bn in 2019. This is equivalent to 63% of UK total trade
Source: Joy Business
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