The UK Programme for Jobs and Economic Transformation in Ghana Partners with Uhuru Investment Partners to Catalyse £12million of Private Capital into Ghana’s Automotive Sector.
The UK-funded Jobs and Economic Transformation (JET) Programme announces its ongoing partnership with Uhuru Investment Partners (Uhuru), which specialises in growth investments across West Africa. This partnership has unlocked an initial £12 million investment in Cresta Paints to scale production and access new markets for the automotive refinish subsector.
Ghana has already leveraged over £60m in Foreign Direct Investment in auto assembly, and it is looking to develop and unlock opportunities in downstream sectors such as auto-refinish products and component manufacturing.
Ghana’s emerging automotive industry, projected to grow to $11 billion by 2028, offers significant opportunities for industrial growth and job creation.
This initiative is part of the UK’s support for Ghana’s economic transformation ambitions, which are focused on increasing manufacturing and value addition to create sustainable jobs.
In addition to JET, the deal benefited from the UK’s Development Finance Institution, British Investment International – one of the founders of Uhuru Investment Partners.
The JET team partnered with Uhuru to provide technical assistance to Cresta Paints, accelerating Uhuru’s investment in Cresta Paints.
This investment signals significant momentum within Ghana’s automotive sector.
It positions Cresta Paints as a key player in the region’s automotive refinish segment.
With a presence across 12 West African markets, Cresta Paint’s expansion within Ghana will enhance its production capabilities.
Cresta employs approximately 140 staff, many young Ghanaians, who receive training as part of Cresta Paints’ commitment to skills development and economic empowerment.
The company’s planned expansion will create a further 250 formal high-quality new jobs, enhance Ghana’s exports of auto re-finish products, and provide importation substitution opportunities.
Companies such as Cresta Paints can support the automotive assembly sector as a downstream supplier as the industry progresses towards sourcing more parts locally.
The company also serves the needs of the underserved local market in the automobile refinishing industry, which -at the moment – largely relies on imports.
The JET Programme, funded by the UK Foreign, Commonwealth & Development Office (FCDO) and implemented by the Palladium Group, helps accelerate manufacturing investments in priority sectors, including automotive, to drive industrial growth and Ghana’s competitiveness.
Richard Sandall, FCDO Development Director, stated, “The UK is delighted with this investment.
It’s been made possible by two of the UK’s flagship development offers in Ghana, which combine to great effect: investment financing supported through British Investment International and the technical assistance and support provided by our JET programme.
It is exactly the type of investment that can help drive Ghana’s economic transformation and growth.”
The JET Programme’s continued engagement with Uhuru and Cresta Paints embodies its commitment to empowering Ghana’s automotive industry through strategic investment and technical support.
This collaboration demonstrates how strategic partnerships can catalyse economic development, scale businesses, and create sustainable jobs—an effort that aligns with JET’s broader mission of positioning Ghana as a self-sustaining economy with a thriving, investment-ready automotive hub.
“At Uhuru, we are passionate about identifying and supporting businesses that drive meaningful impact across West Africa. The JET Programme has been instrumental in accelerating our acquisition of Cresta Paints by providing invaluable technical assistance and fostering strategic connections with key stakeholders in the automotive ecosystem,” said Nana Adow Dankwa, Partner, Uhuru Investment Partners.
“As we look to the future, our continued partnership with JET will strengthen Cresta Paints’ manufacturing capacity, drive innovation, catalyse growth and create sustainable job opportunities in Ghana’s automotive sector.”
Looking ahead, the JET Programme will play an integral role in helping Cresta Paints and similar companies in the manufacturing sector.
This includes linking smaller automotive manufacturers, like Cresta Paints, with more prominent Original Equipment Manufacturers (OEMs) in Ghana’s automotive industry to support its further expansion.
Background:
The UK Foreign, Commonwealth, and Development Office (FCDO) funds the JET (Jobs and Economic Transformation) in Ghana programme. JET is a UK flagship industrialisation-led programme.
The programme seeks to support Ghana in growing its manufacturing and industrial sectors through technical assistance support for investment policy reforms and investment promotion into key sectors.
British International Investment, the UK Government’s Development Finance Institution, has supported Uhuru Growth Fund. BII committed USD 15m to Uhuru Growth Fund I, managed by Uhuru Investment Partners.
This investment supports job creation (SDG 8) and improved access to goods and services (SDGs 1, 3) through Uhuru’s investments in high-growth companies in the consumer and financial services sectors across West Africa.
Source: graphic.com.gh
