The United Kingdom Development Minister, Jenny Chapman has disclosed that Ghana raised an additional £100 million in 2024 through a UK-supported tax partnership.

She described the collaboration as proof of a thriving UK-Ghana relationship driven by innovation and expertise, creating new opportunities for both nations.

“The UK is unlocking economic growth and trading opportunities in Ghana, as part of its modernised approach to international development,” Jenny Chapman said in a statement issued on Monday, September 15, 2025, after a three-day visit.

Beyond tax revenue, she noted that the UK’s growth partnership with Ghana has also mobilised over £125 million to strengthen sectors such as automotive, pharmaceuticals, and garments, creating more than 5,000 jobs.

According to her, this support has improved the production of advanced medicines and enabled Ghanaian textile exports across Africa and to the United Kingdom.

She stressed that Ghana’s preference for trade over aid aligns with the UK’s development model, which prioritises investment and long-term partnerships.

During her visit, the minister toured Atlantic Life Sciences, where UK expertise is advancing the production of essential medicines, and visited a garment company backed by British International Investment, which she described as a leading example of empowering women and boosting exports through ethical practices.

She also held discussions with President John Dramani Mahama on ways to expand the United Kingdom’s growth and investment partnership.

Trade between the UK and Ghana is valued at about £1.5 billion annually, with British firms such as Tullow Oil, Unilever, Standard Chartered, and Blue Skies operating in the country.

Beyond trade, the government partnered the UK-Ghana Gold Programme to strengthen regulatory frameworks and curb illicit trade in March this year.

Finance Minister Dr. Cassiel Ato Forson revealed that about 60 tonnes of gold were illegally exported from Ghana at the height of the country's economic crisis. "Imagine the impact if that wealth had stayed in our economy," he stated, emphasizing the urgency of addressing illegal mining and smuggling.

During a meeting with officials from the UK-Ghana Gold Programme, Dr. Forson discussed strategies to "ensure Ghana benefits fully from its gold resources while combating smuggling and illegal trade." One of the key measures being introduced is the establishment of the Ghana Gold Board (GoldBod), a regulatory body aimed at overseeing the gold sector and promoting responsible trade.

Dr. Forson explained that through the partnership, the Economic and Organised Crime Office (EOCO) would be actively working to prevent gold smuggling at key border points, including Bole. Additionally, GoldBod is collaborating with the Precious Minerals Marketing Company (PMMC) to improve pricing mechanisms, introduce pre-financing for gold dealers, and encourage whistleblower reports to expose smuggling operations.

To enhance the sector’s financial stability, the government has committed to funding GoldBod to "purchase three tonnes of gold every week," a move aimed at bolstering the country's foreign exchange reserves. In a major policy shift, the finance minister also announced plans to remove the 1.5% withholding tax on unprocessed gold as part of the 2025 Budget, describing it as a step towards "encouraging more legal gold trade and driving economic growth."

These reforms, according to Dr. Forson, will help Ghana regain control of its gold industry, dismantle illegal networks, and ensure that the country's natural resources contribute directly to national development. "This is just the beginning—together, we will build a stronger, more prosperous Ghana," he affirmed.

Of all UK exports to Ghana in the four quarters to the end of Q4 2024, £435 million (58.2%) were goods and £312 million (41.8%) were services.

UK exports of goods to Ghana increased by 11.8% or £46 million in current prices, compared to the four quarters to the end of Q4 2023 while UK exports of services to Ghana decreased by 3.4% or £11 million in current prices, compared to the four quarters to the end of Q4 2023.

Total UK imports from Ghana were £793 million (a decrease of 15.2% or £142 million in current prices, compared to the four quarters to the end of Q4 2023).

Of all UK imports from Ghana in the four quarters to the end of Q4 2024, £196 million (24.7%) were goods and £597 million (75.3%) were services.

In the same period, UK imports of goods from Ghana decreased by 32.2% or £93 million in current prices, compared to the four quarters to the end of Q4 2023, while UK imports of services from Ghana decreased by 7.6% or £49 million in current prices, compared to the four quarters to the end of Q4 2023.

This means the UK reported a total trade deficit of £46 million with Ghana, compared to a trade deficit of £223 million in the four quarters to the end of Q4 2023.

The UK had a trade in goods surplus of £239 million with Ghana, compared to a trade in goods surplus of £100 million in the four quarters to the end of Q4 2023.

Meanwhile, the UK reported a trade in services deficit of £285 million with Ghana, compared to a trade in services deficit of £323 million in the four quarters to the end of Q4 2023.

Ghana ranked as the United Kingdom’s 80th largest trading partner, accounting for 0.1% of total UK trade. It was the UK’s 78th largest goods trading partner and the 71st largest services trading partner, both also representing 0.1% of trade in their respective categories.

Ghana was the UK’s 78th largest export market, contributing 0.1% of total UK exports. Specifically, it ranked 64th for goods exports and 83rd for services exports, both making up 0.1% of their respective totals.

On the import side, Ghana was the UK’s 79th largest import market, also accounting for 0.1% of total imports. It was joint 83rd for goods imports, with a share of less than 0.1%, and 62nd for services imports, which made up 0.2% of UK services imports.

Outgoing United Kingdom (UK) High Commissioner to Ghana, Harriet Thompson, has emphasized the UK's commitment to strengthening a lasting relationship with Ghana.

“Our ambition is to increase the UK-Ghana economic partnership. So partly that is about trade, and it’s very much in two directions. I’m very pleased to say that even after the difficult economic issues we have all seen around the world since the pandemic, the UK-Ghana trade partnership has grown, and that stands at £1.5 billion,” she said during a media engagement on July 16.