Ghana and the United Kingdom (UK) on Tuesday, March 2, 2021, signed a new trade agreement.
The new pact follows an earlier trade agreement signed on December 31, 2020, which failed to materialize due to some disagreements between both countries.
The trade deal signed by the Secretary of State for International Trade, Liz Truss, and Ghana’s Acting High Commissioner to the UK, Peprah Ampratwum, at the Department for International Trade in central London will provide duty-free and quota-free access for exporters and importers of both countries.
The deal also supports a trading relationship worth $1.67 billion (£1.2 billion) and reinstates the terms of the Economic Partnership Agreement (EPA) between the two sides when the UK was part of the European Union (EU).
Signing the new pact, International Trade Secretary Truss said: “I am delighted to be able to sign this deal with our friends and partners in Ghana. It provides certainty for businesses that provide vital jobs and livelihoods in Ghana, and it strengthens the ties between our two countries. We can now look forward to deepening and furthering our relationship in future, and working together to secure a broader agreement with the West Africa Region.”
Ghana’s largest exports to the UK include crude oil, cocoa, fruits and vegetables, and fish, with Ghana’s top imports being textile fibres, drugs and other pharmaceutical and cleaning products from the UK.
