ANNOUNCEMENT 04 Sep 2020

On 4 September 2020, the UK Export Finance Agency (UKEF) announced providing financing to support the construction of the Tema-Aflao road project in Ghana that will be undertaken by the British construction company, BHM Construction International.

NUMBER OF INTERVENTIONS

2

  • 2 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Construction Review, Africa News, “Ghana receives a loan to fund the expansion of Tema-Aflao road”. Available at: https://constructionreviewonline.com/2020/09/ghana-receives-a-loan-to-fund-the-expansion-of-tema-aflao-road/

UK Export Finance agency, Press Release, “UK government provides over £140 million of support for exports to Ghana”. Available at: https://www.gov.uk/government/news/uk-government-provides-over-140-million-of-support-for-exports-to-ghana

UKEF, Guidance, “UKEF's approach to foreign content”. Available at: https://www.gov.uk/government/publications/ukefs-approach-to-foreign-content/ukefs-approach-to-foreign-content

Inception date: 04 Sep 2020 | Removal date: open ended

Trade finance

On 4 September 2020, the UK Export Finance Agency (UKEF) announced providing financing to support the construction of the Tema-Aflao road project in Ghana that will be undertaken by the British construction company, BHM Construction International. For the project, UKEF will provide USD 92 million financing for the construction of the 166 km road project.

Concerning the project, the International Director of BHM Construction International UK Phil Atkinson said: “Securing this project has been dependent on the world class support provided by UKEF. It shows the commitment of the UK government in supporting exporters as they establish new trading relationships across Africa. Through the combined assistance of the Ghana Ministry and Roads and UKEF, our team are committed to the development of this critical infrastructure to provide a safe, efficient and reliable road transport system and foster economic growth within Ghana and the region at large.”

 

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Inception date: 04 Sep 2020 | Removal date: open ended

Local sourcing

To be eligible for support from the United Kingdom Export Finance agency (UKEF), transactions must satisfy UKEF’s foreign content policy. According to the UKEF’s guidance on foreign content, the export contract value must have a minimum UK content of 20% (maximum 80% foreign content). Although 20% is the minimum level of UK content to be eligible for support, UKEF seeks a higher level of UK economic activity in transactions.

 
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