International Trade Secretary Dr Liam Fox has today (27 February 2019) announced that UK Export Finance (UKEF) will support UK firms with £130 million for three projects in Ghana. Support will be provided to projects that have a direct impact on the country's infrastructure and economic development, while delivering opportunities for British companies. The announcement was made at the latest meeting of the UK Ghana Business Council, a strategic partnership designed to encourage trade between the two countries.
£70.3 million of the support will go towards a contract for Contracta Construction UK to develop and modernise Kumasi Central Market, a major trading centre in the Ashanti region which is currently visited by up to 800,000 people daily.
UKEF will provide a direct loan and bank guarantee to Ghana's Ministry of Finance to fund the contract, which will include improvements to electrical networks, water supplies, generators, fire detection systems and public transport.
A guarantee for a £43.8 million loan will also be provided by UKEF to the Ministry of Finance to support the contract with QG Construction UK for the modernisation of Tamale Airport in the northern region of Ghana. The project will include the construction of a modern new international terminal building, access roads and ancillary facilities exclusive for civil aviation in the existing airport space.
The expansion is designed to promote economic growth, to increase tourism and to boost socio-economic development by improving connections to the north of Ghana. It will also benefit Hajj pilgrims with the new Multipurpose Facility serving as a terminal building during the Hajj Season.
Bekwai hospital will be provided with a guarantee for a £17.6 million loan from UKEF to support a contract between Ellipse UK and the Eurofinsa group. The companies will manage every aspect of the hospital's completion including the supply and installation of medical equipment. Once completed, the hospital will have 120 beds, an emergency department, a maternity ward and an operating theatre.
International Trade Secretary Dr Liam Fox MP said:
Ghana is an increasingly dynamic economy and I am delighted that UKEF is supporting the development of the vital infrastructure that will underpin this growth. These projects will have a dramatic impact on trade, healthcare and transport in the country and demonstrate how British expertise across a number of sectors is improving vital infrastructure all over the world.
This is just one example of the work we are doing as part of the Government's Export Strategy, an ambitious plan to grow exports to 35% of UK GDP. We're supporting UK businesses with financial support provided by our award-winning export credit agency UK Export Finance, and teams around the world are on hand to provide market-specific support where needed. I encourage any business looking for similar financing support to
