A delegation of auto investors from the United Kingdom (UK) is in the country to explore investment opportunities and partnerships that would lead to the growth of the automotive sector.
The delegation, which included investors from Comline, Afrivolt, Meridian Generic, Spencer West LLP, Metfinn as well as representatives from the Society of Motor Manufacturers and Traders (SMMT) arrived in the country on January 22.
During the mission, which will end on January 26, the team will engage in high-level discussions with government and key stakeholders on investment incentives, regulatory frameworks, and collaborative initiatives to drive innovation in the auto industry.
The mission will include series of meetings, site visits, and networking events, providing a platform for knowledge exchange and relationship-building between UK investors and Ghanaian counterparts.
Madam Harriet Thompson, UK High Commissioner to Ghana, in collaboration with the Jobs and Economic Transformation (JET) Ghana team, hosted an event to welcome the investors.
She said with bilateral trade in goods and services between Ghana and the UK reaching £2.1 billion, Ghana remained a key partner of the UK as both countries worked to better the lives of citizens through wealth creation, job creation and poverty reduction.
She said the UK government through the JET programme was not only seeking to explore opportunities in Ghana’s automotive sector, but also work to shape the future of the sector as the world transitions to renewables.
“We are glad that we are already working with Ghanaian authorities to start introducing the policies that need to be in place, the skills that needs to be in place, in order that Ghana’s auto sector survives and thrives through that transition,” she said.
The delegation will also participate in a forum highlighting the potential for renewable energy integration within the automotive industry, reflecting a shared commitment to environmental sustainability.
Mr Matthew Smith, SMMT Head of International and Head of the delegation, in an interview, said the size of a market opportunity was a key determinant for investing in a country and for that reason, the rollout of AfcFTA on the conitinent was crucial for investors .
“So, I think that if you have access to the Ghana market which is a significant growing market, that can make a huge difference,” he said.
He highlighted the need for local support for information and the stability of business regulations to give investors the needed confidence.
“Investment in automotive can be quite a bit long term investment. So, companies need to be confident that the regulation will stay same,” he said.
Mr Eugene Sangmortey, team leader for JET Ghana, said the auto investor trade mission to Ghana signified a commitment to fostering economic partnerships and exploring mutually beneficial opportunities.
“Ghana’s vibrant market and strategic location makes it an attractive destination for UK auto investors seeking to expand their global footprint,” he said.
JET in Ghana programme is funded by the UK Foreign, Commonwealth and Development Office (FCDO).
It is the UK Government flagship investment-led job creation programme that will help Ghana transition from aid dependence in line with government’s “Ghana beyond Aid” agenda.
Source: GNA
