Ghana & Nigeria Big Winners in UK’s New Trade Pact With Africa -As Brexit looms

Ghana and Nigeria secured approximately £320 million apiece from the United Kingdom government during the ongoing UK-Africa Investment Summit.

This amount is a substantial part of £6.5 billion in funds for over 27 commercial deals between the UK and several major African countries.

The UK’s Department for International Development and Department for International Trade on Monday, January 20, 2020, published a summary of 27 commercial deals worth over £6.5 billion from across the African markets.

The Departments says the deals demonstrate that the UK and Africa are securing a lasting commercial partnership of mutual benefit.

“The UK’s world-leading expertise on finance, technology, innovation, and our commitment to clean growth make the UK and Africa natural partners for prosperity,” said a statement from the Department for International Development and Department for International Trade.

This deal is coming amidst growing anxiety in the UK over what the country may lose in pushing through its infamous Brexit plan to exit the European Union.

Analysts have said the only way the UK will offset its potential losses from the Brexit will be to look elsewhere for trade pacts with more promising returns. Africa is noted as the most likely candidate, hence the UK’s gigantic allocation to Africa.

In the new trade pact with Ghana, the UK pumped a total of £320 million into five projects in Ghana, including £26m to a company called Aqua Africa to import and supply solar powered water filtration systems in Ghana.

An amount of £80.3m was also awarded to BHM to complete work on the Tema-Aflao Road Project in Ghana. Another project includes £120.5m export contract to Contracta Construction UK to upgrade the Kumasi teaching hospital.

Finally, a company called Tyllium and Ellipse were awarded an export contract worth £60m to provide 250 new beds for a general hospital in Koforidua in Ghana.