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UK Expands Export Finance in West Africa

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Tuesday, 29 May 2018

UK Expands Export Finance in West Africa

Ghana becomes the first West African country to have a representative of the world’s oldest export credit agency, UK Export Finance (UKEF) stationed in-country. Steve Gray, who will be taking up office at the British High Commission in Accra as the UKEF Country Manager, will work closely with the Department for International Trade team to strengthen trading relations between Ghana and the United Kingdom reaffirming the UK Government’s ambitions for more trade with the Ghanaian market. 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. Further evidence that the British government is committed to growing its trade relationship with its African partners, this appointment follows the recent announcement that the UK government is increasing the export finance cover available to the Ghanaian market from £125million to £500million, as well as the decision by the export credit agency to provide loan guarantees in the local currency of Cedi – allowing for the flexibility to “buy British and pay local” and going beyond other countries’ credit agencies’ offerings. 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 a wealth of experience and a very extensive record working within the wider African market, in countries like the Democratic Republic of Congo, Botswana, South Africa, Zambia and Tanzania.

Source: Devdiscourse

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