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

The UK-funded Jobs and Economic Transformation (JET) Programme has partnered with Uhuru Investment Partners (Uhuru) to invest £12m of private capital in Cresta Paints.

The investment is to scale production and access new markets for the automotive refinish subsector.

JET is a UK flagship industrialisation-led programme that seeks to support Ghana in growing its manufacturing and industrial sectors through technical assistance for investment policy reforms and investment promotion into key sectors.

The Programme, which is implemented by the Palladium Group, also helps accelerate manufacturing investments in priority sectors, including automotive, to drive industrial growth and Ghana’s competitiveness. 

A press statement issued by the UK Foreign, Commonwealth, and Development Office (FCDO) and made available to the Ghana News Agency, said Ghana had already leveraged over £60m in Foreign Direct Investment in auto assembly.

It said it was looking to develop and unlock opportunities in downstream sectors such as auto-refinish products and component manufacturing.

The statement said Ghana’s emerging automotive industry, projected to grow to $11 billion by 2028, offered significant opportunities for industrial growth and job creation.

It said this initiative was part of the UK’s support for Ghana’s economic transformation ambitions, which were focused on increasing manufacturing and value addition to create sustainable jobs. 

“In addition to JET, the deal benefited from the UK’s Development Finance Institution, British Investment International, one of the founders of Uhuru Investment Partners,” it added.

The statement said the JET team partnered with Uhuru to provide technical assistance to Cresta Paints, accelerating Uhuru’s investment in Cresta Paints, such that the investment signaled significant momentum within Ghana’s automotive sector.

The statement said it positioned Cresta Paints as a key player in the region’s automotive refinish segment, and that with presence across 12 West African markets, Cresta Paint’s expansion within Ghana would enhance its production capabilities.

It said Cresta Paints employed approximately 140 staff, many young Ghanaians, who received training as part of Cresta Paints’ commitment to skills development and economic empowerment.

“The company’s planned expansion will create a further 250 formal high-quality new jobs, enhance Ghana’s exports of auto re-finish products, and provide importation substitution opportunities”

“Companies such as Cresta Paints can support the automotive assembly sector as a downstream supplier as the industry progresses towards sourcing more parts locally,” it added.

Mr. Richard Sandall, FCDO Development Director, said the UK was delighted with this investment, and that it was made possible by two of the UK’s flagship development offers in Ghana, which combined to great effect.

He said the collaboration demonstrated how strategic partnerships could catalyse economic development, scale businesses, and create sustainable jobs.

Nana Adow Dankwa, Partner, Uhuru Investment Partners, said they were passionate about identifying and supporting businesses that drove meaningful impact across West Africa.

“As we look to the future, our continued partnership with JET will strengthen Cresta Paints’ manufacturing capacity, drive innovation, catalyse growth and create sustainable job opportunities in Ghana’s automotive sector,” he added.

Source: GNA

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