UK African and Caribbean businesses joins market visit to Ghana
TWO Black Country ACBF companies are due to join a market visit to Ghana, led on behalf of the West Midlands by Coventry & Warwickshire Chamber of Commerce. The companies will be exploring the range of opportunities to be gained from building relations with overseas partners in Africa.
Ghana is the UK's fifth largest export market in sub- Saharan Africa, and British exports to Ghana were valued at £155 million in 2005. The UKÕs major exports to Ghana were primarily textile fibres, electrical machinery and road vehicles, and has now become the largest investor in Ghana with an estimated net book value of £121 million in assets.
Ghana is one of the most politically stable countries in Africa and its bi-lateral links with the UK are wide-ranging, warm and close. Britain is a second home for many Ghanaians, with around 500,000 currently living here.
Ghana also has a growing track record of macroeconomic stability. In 2004 and 2005 it benefited substantially from bilateral and multilateral debt cancellation. And this has contributed to a favourable business and investment climate.
Ghana therefore remains a prosperous market for exporters, just as many Ghanaians are keen on doing business with UK companies, whose goods are associated with quality.