Accra: The UK-funded Jobs and Economic Transformation (JET) Programme, in collaboration with Uhuru Investment Partners, is injecting £12 million into Cresta Paints to expand production and explore new markets within Ghana’s automotive refinish subsector. This strategic investment is aimed at enhancing the country’s automotive industry, which is projected to grow to $11 billion by 2028.
According to Ghana News Agency, the JET Programme, a UK flagship initiative, focuses on supporting Ghana’s manufacturing and industrial sectors through technical assistance for investment policy reforms and promotion. The programme, implemented by the Palladium Group, plays a crucial role in accelerating manufacturing investments in priority sectors such as automotive, thereby boosting industrial growth and competitiveness in Ghana.
The UK Foreign, Commonwealth, and Development Office (FCDO) issued a press statement revealing that Ghana has already attracted over £60 million in Foreign Direct Investment in auto assembly. The
current initiative aims to develop opportunities in downstream sectors, including auto-refinish products and component manufacturing. The UK’s support for Ghana’s economic transformation is centered on enhancing manufacturing and adding value to create sustainable employment.
Additionally, the investment is supported by the UK’s Development Finance Institution, British Investment International, a co-founder of Uhuru Investment Partners. The JET team’s collaboration with Uhuru aims to provide technical assistance to Cresta Paints, positioning the company as a significant player in the automotive refinish segment across 12 West African markets and enhancing its production capabilities.
Cresta Paints currently employs approximately 140 staff members, many of whom are young Ghanaians receiving training as part of the company’s commitment to skills development and economic empowerment. The planned expansion is set to create 250 high-quality new jobs, boost Ghana’s exports of auto-refinish products, and offer imp
ort substitution opportunities.
Mr. Richard Sandall, FCDO Development Director, expressed delight in the investment, highlighting the effectiveness of the UK’s flagship development offers in Ghana. He emphasized that the collaboration showcased how strategic partnerships could drive economic development, scale businesses, and create sustainable employment.
Nana Adow Dankwa, Partner at Uhuru Investment Partners, reiterated their commitment to identifying and supporting impactful businesses across West Africa. He noted that the ongoing partnership with JET would strengthen Cresta Paints’ manufacturing capacity, drive innovation, and foster growth within Ghana’s automotive sector.