Ghana Signs a $1.6Billion Trade Deal with the United Kingdom

Ghana signed a new Trade Partnership Agreement with the United Kingdom worth $1.6Billion. The Minister for Trade, Hon. Alan Kyeremanteng disclosed that the Agreement will take the form of the Economic Partnership Agreement signed between the European Union and ECOWAS.

The Agreement is expected to provide duty-free and quota-free access for Ghanaian goods to the UK market and preferential tariff reductions for UK exporters to the Ghanaian market. This will enable businesses trading within the Ghana-UK markets to capitalize on the exchange of goods and services at competitive rates.

Both governments expect the Agreement to help boost confidence amongst traders and to strengthen the existing trade and economic relationship between Ghana and the UK.

The new Anti-Money Laundering Act, 2020 (Act 1044) consolidates the laws relating to the prohibition of money laundering.

Specifically, Act 1044 mandates the Financial Intelligence Centre (“FIC”) to disseminate the United Nations Consolidated List, third party list and domestic list to all accountable institutions or competent authorities, and to take the necessary measures for the enforcement of these lists. The lists refer to the list of persons or entities that are sanctioned due to terrorism and the financing of weapons of mass destruction. Under the new act, FIC is also empowered to issue directives and notices to ensure compliance with the Act.

This new Act demonstrates Ghana’s commitment to the prevention, detection, and prosecution of antimoney laundering violations. The implementation of this Act is expected to support Ghana’s ongoing effort to strengthen its anti-money laundering framework and make it more compliant with international standards