[ 2017-01-31 ]

UKGCC to double Ghana-UK trade in 4 years
The UK-Ghana Chamber of Commerce (UKGCC) is poised
to double trade volumes and value between Ghana
and the UK in the next four years.

Trade volumes between Ghana and UK are currently
estimated at just about 3.5 percent of Ghana's
total international trade, and it is valued at
about a billion dollars per annum.

But UKGCC CEO, Tony Burkson, said given the rich
history of Ghana and the UK relations, that figure
is way too small, so the goal of the Chamber is to
double it in the next four years.

UKGCC is one of many chambers set up in 40
selected countries as part of the British
government's new policy to boost trade between the
UK and those countries.

Ghana was one of three countries selected in
Africa under this drive. The two other African
countries were Kenya and South Africa.

Tony Burkson said the selection of Ghana among
just three African countries is a clear indication
of how seriously the British government takes its
relationship with Ghana.

He said the Chamber is being heavily supported by
the British government through DFID and DIT
(Department of International Trade), adding that
further to that support, former British Premier
David Cameron appointed British MP Adam Afriyie as
a Special Trade Envoy to Ghana to facilitate
regular trade missions between the two countries.

UKGCC is, therefore, a private sector setup
designed to actualize the policy and ensure the
trade missions allows for companies to meet
potential partners and new clients across both
countries.

Currently, the main areas of trade between Ghana
and the UK are Petroleum Oils, Crude, Cocoa, Cars,
Pharmaceuticals, Manufacturing, and Engineering
equipment, but Burkson thinks the service sector
is one area Ghana could use British expertise to
develop rapidly.

Indeed, the UKGCC and its partners are organizing
their maiden Ghana-focused technology conference
in London next month, to promote Ghana's entire
technology ecosystem to British investors.

Burkson also noted that Ghana has a vibrant
agricultural sector that needs a little help to
increase value addition, adding the UK has the
manufacturing expertise that can help more
Ghanaian farmers go into value addition and
thereby increase the value of Ghana's food
exports.

"For example Blue Skies, a member of the UKGCC,
exports chopped and packed fruit from Ghana to the
UK, earning Ghana substantial foreign exchange -
but more of such stories can be created in Ghana
with the help of British expertise," he said.

The UKGCC CEO noted that Ghana's insurance sector
is another untapped market, with less than five
per cent of Ghanaians insured, but UK insurance
firms like Prudential Insurance and BIMA have
entered the market recently to seek strategic
partnerships to boost insurance cover for
Ghanaians.

Burkson also believes that developing a BPO hub in
Ghana should be top on the to-do list of the new
Ghana government because British companies could
provide Ghana with lots of back office customer
service jobs provided government creates the
enabling environment.

Enabling environment

Speaking of enabling environment, Burkson said it
is also incumbent on the Ghana government to
promote Ghana to British companies and to
institute policies that are investor-friendly.

"For example is it really necessary for foreign
companies to invest US$250,00 before they can set
up companies in Ghana - will a policy like this
drive more businesses to come here?" the UKGCC CEO
asked.

Burkson is confident that Brexit makes the UKGCC
mission very interesting, because in the
post-Brexit era, "we are already seeing a lot of
interest from British firms looking to business in
Ghana and West Africa in general."

He, however, emphasized the need for Ghana
government to institute investor friendly
policies, saying that "this has a potential of
making Ghana an investment hub in West Africa,
where international companies will set up their
headquarters as they trade with the rest of
Africa."

UKGCC currently has close to 35 members and is
receiving applications on a daily basis from
Ghanaian and British companies who realize the
value it brings to the table when it comes to
driving trade between both countries.

Source - Myjoyonline.com

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