The UK-funded Jobs and Economic Transformation (JET) Programme has announced its ongoing collaboration with Uhuru Investment Partners (Uhuru), a firm specializing in growth investments across West Africa. This partnership has unlocked an initial £12 million investment in Cresta Paints to expand production and access new markets within the automotive refinish subsector.
Ghana, which has already attracted over £60 million in Foreign Direct Investment (FDI) for auto assembly, is working to develop opportunities in downstream industries like auto-refinish products and component manufacturing. The country’s emerging automotive industry is expected to grow to $11 billion by 2028, offering significant potential for industrial development and job creation.
This initiative aligns with the UK’s commitment to supporting Ghana’s economic transformation, focusing on increasing manufacturing, value addition, and creating sustainable employment opportunities.
The deal also involved the UK’s Development Finance Institution, British Investment International (BII), which co-founded Uhuru Investment Partners. The JET Programme collaborated with Uhuru to provide technical assistance, helping accelerate the investment in Cresta Paints.
This investment represents significant progress in Ghana’s automotive sector, positioning Cresta Paints as a major player in the region’s automotive refinishing market. Operating across 12 West African countries, Cresta Paints’ expansion in Ghana will enhance its production capacity and market presence.
Currently employing about 140 staff—mostly young Ghanaians who benefit from skill development and economic empowerment initiatives—Cresta Paints plans to create 250 additional high-quality jobs through its expansion. The company’s growth will also boost Ghana’s exports of auto-refinish products and reduce reliance on imports, fostering local production capabilities.
As Ghana’s automotive assembly sector grows, companies like Cresta Paints are well-positioned to serve as downstream suppliers, supporting the industry’s move toward sourcing more parts locally. Cresta Paints also addresses the needs of the local market, which currently depends heavily on imported auto-refinish products.
The JET Programme, funded by the UK Foreign, Commonwealth & Development Office (FCDO) and implemented by the Palladium Group, aims to accelerate manufacturing investments in key sectors like automotive to enhance Ghana’s industrial growth and global competitiveness.
Richard Sandall, FCDO Development Director, expressed the UK’s pride in supporting this investment, which combines two of its flagship initiatives in Ghana: investment financing through British Investment International and technical assistance via the JET Programme. “This is the kind of investment that drives Ghana’s economic growth and transformation,” Sandall remarked.
The partnership between JET, Uhuru, and Cresta Paints demonstrates the potential of strategic collaborations to catalyze economic development, scale businesses, and create sustainable jobs. These efforts align with JET’s broader mission of positioning Ghana as a self-sustaining economy with a robust, investment-ready automotive industry.
Nana Adow Dankwa, Partner at Uhuru Investment Partners, highlighted the critical role of the JET Programme in facilitating the acquisition of Cresta Paints through technical assistance and strategic connections within Ghana’s automotive ecosystem. “This partnership will strengthen Cresta Paints’ manufacturing capabilities, drive innovation, and generate sustainable job opportunities in Ghana’s automotive sector,” Dankwa noted.
Looking ahead, the JET Programme will continue to play a vital role in supporting manufacturing firms like Cresta Paints. This includes linking smaller automotive businesses with larger Original Equipment Manufacturers (OEMs) within Ghana to drive further growth and integration.
Background:
The JET Programme, a flagship initiative funded by the UK Foreign, Commonwealth & Development Office (FCDO), supports Ghana’s industrial and manufacturing sector growth. It provides technical assistance for investment policy reforms and promotes investments in priority industries.
British International Investment (BII), the UK Government’s Development Finance Institution, has backed the Uhuru Growth Fund with a $15 million commitment. The fund focuses on creating jobs (aligned with SDG 8) and improving access to goods and services (aligned with SDGs 1 and 3) by investing in high-growth companies across West Africa in consumer and financial services sectors.
Source: FCDO