United Kingdom Targets West African Markets

UK Export Finance has released new data showing that it provided more than UK£500mn (approx. US$673mn) worth of support for projects in West Africa throughout 2021, the most in over two decades.

At the recent Africa Investment Conference (20 January) the UK Prime Minister said the UK is already one of Africa’s biggest commercial partners but “we are determined to do much more – our shared task must be to ensure that Africa prospers from the green industrial revolution.”

At the conference, over than 3000 delegates took part, boosting trade and investment ties between the UK and the continent. The government is also mobilising support from its export credit agency, UKEF, to boost exports to Africa – it provided support worth £2.3 billion in the past year, more than trebling the amount provided in 2018-19.

The region provides a unique opportunity for UK exporters as West Africa has experienced a surge in economic growth since the early 1990s. Research shows that since 2000 its collective GDP has risen from US$105bn to more than US$659bn in 2020.

The UK’s Minister for Investment, Gerry Grimstone, said, “We want more British firms to sell to the world, taking advantage of new opportunities that present themselves in growing markets like this. The potential is huge. This government has the finance available to back British firms going global in West Africa, supporting growth and development in the region and helping communities and local economies to thrive.”

New projects in West Africa supported by UKEF in 2021:

Ghana

• Over £120 million worth of support to expand and modernise the Kumasi Market, the largest market in West Africa visited by 800,000 people per day.
• Over £40 million in support was provided to the Ministry of Finance which enabled Gloucestershire based bridge building company Mabey Bridge to secure a contract to build and export 87 emergency bridges to areas impacted by flooding.
• UKEF support enabled Leicestershire-based construction equipment supplier Quarry Manufacturing & Supplies to secure a deal worth £1.5 million to support road construction in North Tema, Southern Ghana.
• UKEF support also enabled Northern Irish SME Tesab Engineering to win a deal worth £1 million to supply manufacturing and industrial equipment to support construction projects.

Cote D’Ivoire

• £236 million worth of support for the construction of six new hospitals across the country, UKEF’s largest ever loan in francophone Africa.
• Support worth £105 million will support the rehabilitation and reinforcement of two existing roads, and the construction of four bridges to improve trade links with neighbouring countries Ghana, Guinea, Liberia and Burkina Faso.
• UKEF support in the Ivory Coast enabled Dints International to win a contract worth over £8 million to supply the equipment needed for the construction of five high priority road networks in the Côte d’Ivoire.

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