UK funded programme invests £12m into Ghana’s automotive sector

The UK-funded Jobs and Economic Transformation (JET) Programme has teamed up with Uhuru Investment Partners. They will invest £12 million in Cresta Paints. This investment aims to increase production and access new markets for automotive refinishing.

JET is a key UK program supporting Ghana's manufacturing growth. It provides technical assistance for investment policy reforms and promotion in important sectors. The Palladium Group implements this program, focusing on accelerating investments in priority areas like automotive.

According to a press statement from the UK Foreign, Commonwealth, and Development Office (FCDO), Ghana has attracted over £60 million in Foreign Direct Investment for auto assembly. The country aims to develop opportunities in downstream sectors, such as auto-refinish products and component manufacturing.

Ghana's emerging automotive industry is projected to reach $11 billion by 2028. This growth presents significant opportunities for industrial development and job creation. The initiative aligns with the UK's support for Ghana’s economic transformation goals, which focus on increasing manufacturing and creating sustainable jobs.

The deal also involved the UK’s Development Finance Institution, British International Investment, a founder of Uhuru Investment Partners. The JET team worked with Uhuru to provide technical assistance to Cresta Paints. This partnership accelerates investment in Cresta Paints, boosting momentum within Ghana’s automotive sector.

Cresta Paints is positioned as a key player in the region's automotive refinish market. With operations across 12 West African countries, its expansion in Ghana will enhance production capabilities. Currently, Cresta Paints employs about 140 staff members, many of whom are young Ghanaians receiving training.

The company's planned expansion will create an additional 250 high-quality jobs. It will also boost exports of auto-refinish products and reduce imports. Companies like Cresta Paints can support the automotive assembly sector by supplying more parts locally as the industry grows.

Mr. Richard Sandall from FCDO expressed delight at this investment made possible by two major UK development initiatives in Ghana. He noted that strategic partnerships can drive economic development and create sustainable jobs.

Nana Adow Dankwa from Uhuru Investment Partners emphasized their commitment to supporting impactful businesses across West Africa. He stated that their ongoing partnership with JET would strengthen Cresta Paints’ manufacturing capacity and foster innovation while creating job opportunities in Ghana’s automotive sector.