UK provides £500m as credit cover for businesses in Ghana

The United Kingdom in March this year has made available £500 million as credit cover for businesses, Selasi Adzo Nukpe, Deputy Head, Department of International Trade, Ghana has said.

Speaking at the opening of this year’s Oil and Shipping Africa conference in Accra, Ms Nukpe said the credit cover of the UK Export Finance which was increased from £124 million to £500 million could be accessed under flexible terms.

The two days conference hosted by Ghana Oil Company (GOIL) in partnership of PETROSPOT Limited, a United Kingdom based organisation also formed part of Maritime Africa Week programme.

According to Ms Nukpe, the UK was also working on a new support package for Ghana that would facilitate the creation of jobs for people in agro business.

She said the UK had provided financial assistance of £66.5 million in the Kumasi Airport expansion project and recounted that the UK had been an active development partner over the past 61 years and the UK hoped to increase more engagement between the two countries business communities.

She cited oil and gas, health, education, railway development as some of the areas that had been supported over the years.

According her, because of government’s flagship programmes such as; one district one factory and one village one dam, the development of the Tema and Takoradi Ports were receiving some attention and the UK saw Ghana as one of the fastest growing economies in the world and would support Ghana in terms of trade.

Ms Nukpe said the UK was also seeking long term economic development partnership with countries that embraced transparency, good governance, rule of law, honesty, and fulfilment of international obligations.

She said the UK was also shifting to provide technical assistance that would ensure tax reforms and thereby increased revenue and creation of decent jobs for people.

Additionally, Ms Nukpe said the UK was also going to pay attention to agro-businesses.

Source: GNA