Ghana and the UK announced had formally announced on the 31st of December 2020 that they had reached a consensus on the main elements of a trade agreement that would replicate the effects of the trade relationship between Ghana and the UK prior to the end of the Transition Period following the withdrawal of the UK from the Europe.
Their intention to finalise the text of the agreement to reflect progress made in relation to rules of origin, cumulation arrangements, time-bound commitments, provisions for development cooperation and commitments to human rights and good governance was clearly stated .
Interestingly, on the Thursday 4th of February,Ghana and the UK are pleased to announce that they have finalised negotiations on a new Interim Ghana-UK Trade Partnership Agreement. This Agreement will provide for duty free and quota free access for Ghana to the UK market and preferential tariff reductions for UK exporters to the Ghanaian market. The Agreement will enter into effect following the completion of relevant internal procedures required in both Ghana and the UK.The new Agreement reaffirms the deep interest of both Ghana and the UK to strengthen their longstanding trade and economic relationship. The Agreement also reflects the importance of integration between the West African States within the context of the Economic Community of West African States (ECOWAS) and amongst African States within the context of the African Continental Free Trade Area. The Agreement further underscores their shared ambition to enhance relations between the UK, ECOWAS and African States more broadly.