UK expands export finance in West Africa

UKEFThe aim is to increase the trade relation between the UK and Africa. (Image source: World Bank Photo Collection/Flickr)Steve Gray will be taking up office at the British High Commission in Accra as the UK Export Finance’s (UKEF) country manager, to strengthen trade relations between Ghana and the UK

Ghana becomes the first West African country to have a representative of the world’s oldest export credit agency.

Through its local presence in Accra, UKEF is strategically positioned to provide competitive and innovative finance to Ghanaian and West African companies looking to do business with the UK.

This appointment follows the recent announcement that the UK government is increasing the export finance cover available to the Ghanaian market from US$166.49mn to US$665.96mn.

Steve Gray worked in Ghana with a UK construction company from 1996-98, returning in 2011 to spearhead the development of a major private sector-led infrastructure project. He has an extensive record working within the wider African market, in countries like the Democratic Republic of Congo, Botswana, South Africa, Zambia and Tanzania.

Commenting on the appointment, the UK trade director for West Africa, Kate Rudd, said, “The UK has a long and solid business relationship not just with Ghana, but countries across the continent. UKEF’s local presence, as well as the increase in export finance cover and the decision to provide loan guarantees in local currency, demonstrate the importance the UK attaches to the further development of commercial ties between the UK and West Africa.”

Gray added, “British businesses have a wealth of expertise and experience to support important sectors like infrastructure, energy, transport and healthcare in West Africa, while these fast-growing and dynamic markets offer huge opportunities for UK exporters. That is why I am delighted to be joining UK Export Finance and the British High Commission’s trade team in Ghana, to support our two countries’ growing trade relationship.”

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