Ghana and the UK have agreed a \u00a3215 million growth partnership to boost trade and investment.
\nThe deal includes a \u00a3101 million ship repair and dry-docking facility at Takoradi.
\nIt also supports green projects, AI development, education, and healthcare.<\/p>\n
On Wednesday, 3 June, Ghana and the UK signed a new growth partnership worth up to \u00a3215 million, revealed<\/a> the UK Foreign, Commonwealth, and Development Office. The deal involves a \u00a3101 million project backed by the UK to build the first commercial ship repair and dry-docking facility in the Gulf of Guinea.\u00a0<\/p>\n The agreement was signed during Ghanaian President John Dramani Mahama\u2019s recent visit to the UK for the Ghana Investment Summit, which took<\/a> place in London earlier this week. It outlines the two countries\u2019 collaboration over the next two years to expand Ghana\u2019s trade, enable private-sector-driven growth, and generate new investment.\u00a0<\/p>\n Known as the Takoradi Floating Dock Project, the planned facility on Western Ghana\u2019s Port of Takoradi is supported by UK investors, including the UK co-owned Private Infrastructure Development Group (PIDC). It will be developed in cooperation with the Ghana Ports and Harbours Authority (GPHA), and is anticipated to create up to 430 jobs, while positioning Ghana as a regional hub for maritime trade.\u00a0<\/p>\n The Gulf of Guinea transits around 1,500 vessels<\/a> daily from nearly 20 commercial ports across 17 West African states. It is increasingly important to global trade and energy flows.<\/p>\n Africa is estimated to be home to over 125 billion<\/a> barrels of crude oil, and West Africa accounts for roughly half<\/a> of that, holding 10%<\/a> of global oil reserves. Nigeria, Africa\u2019s biggest<\/a> producer of refined oil, also sits on the coast of the Gulf of Guinea.\u00a0<\/p>\n A new dry-docking facility would be crucial to making the waterway self-sufficient. Dry-docking is a maritime process where a vessel is placed<\/a> on dry land for mandatory inspections, routine maintenance, and repairs. It increases the operational lifecycle of vessels and prevents vessel-related delays or supply chain disruptions.\u00a0<\/p>\n The broader growth partnership also involves climate-related infrastructure projects, activating capital to develop Ghana\u2019s green economy, reforestation efforts, implementing the Ghana AI Strategy which aims to boost Ghana\u2019s digital advancement, and collaborating over improving access to high-quality education and healthcare training.\u00a0<\/p>\n Ghana and the UK\u2019s economic alliance dates back to the aftermath of Brexit in 2021, when the UK-Ghana Trade Partnership Agreement was signed. Since the agreement came into effect, bilateral trade between the two countries has surged to \u00a31.6 billion, reflecting a 12.5% increase from 2024.\u00a0<\/p>\n