Pulse.com.gh logo
Go


Abdul Nasir Issahaku 'Brexit impact too early to determine'

Dr. Abdul Nasir Issahaku, however, noted that Brexit impact is likely to transmit through the trade sector, foreign direct investments, budgetary support, and the domestic currency market.

  • Published:
Dr. Abdul Nasir Issahaku play

Dr. Abdul Nasir Issahaku

The Governor of the Bank of Ghana has said it is too early to determine the full impact of Brexit on Ghana's economy.

Dr. Abdul Nasir Issahaku, however, noted that Brexit impact is likely to transmit through the trade sector, foreign direct investments, budgetary support, and the domestic currency market.

He made these observations at the 71st Monetary Policy Committee meeting on Monday, July 18.

READ MORE: Full text of the Monetary Policy Committee's statement

Dr. Abdul Nasir Issahaku play

Dr. Abdul Nasir Issahaku

 

Issahaku said: "The UK’s vote to leave the EU has dominated global developments since the last MPC meeting, and the implications were immediately felt across global currency, commodities and equity markets. Although the sharp depreciation of the pound sterling against major trading currencies has somewhat reversed, the current uncertainties and volatilities in global financial markets may persist until the post-Brexit negotiations commence with the EU."

Bank of Ghana play

Bank of Ghana

 

He continued: "Based on Ghana’s strong relations with both the EU and the UK, the impact of Brexit is likely to transmit through the trade sector, foreign direct investments, budgetary support and the domestic currency market. It is too early to determine the full implications but initial assessments indicate that the local currency appreciated sharply by about 5.7 percent month-on-month against the pound sterling in June 2016, compared with 1.3 per cent depreciation in May, reflecting theBrexit effect. Going forward, the potential fallouts from post-Brexit negotiations will be closely monitored to take the necessary policy actions to dampen any adverse effects on the domestic economy."

READ MORE:EU Ambassador aims to allay Ghanaian fears

Brexit referendum play

Brexit referendum

 

Britain voted in a historic referendum to leave the European Union in June 2016.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Investment banks in Ghana Top 5 investment banks in Ghana and why you...bullet
2 Banking Crises Joe Jackson urges BoG to ‘rate’ banks to restore confidencebullet
3 Salaries In 2018 Here are the dates public workers will be paid in 2018bullet
4 Duncan Amoah Fuel prices up by 2%; COPEC calls for dialogue on pricingbullet
5 Tax Policy Gov't weighs in on controversial MoMo taxbullet
6 Unibank Collapse Shareholders of uniBank unhappy with leaked...bullet
7 Banking In Ghana Stranded customers of First Allied Savings...bullet
8 How to create a verified PayPal account Learn how to...bullet
9 UT Banks Collapse “I’m saddened by the turn of events” –...bullet
10 Education Top 5 private high schools in Ghana...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Former Capital Bank staff grills pork for survivalbullet
3 Support Finance minister buys Kantanka carbullet
4 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
5 Plane Crash Starbow suspends operations following plane crashbullet
6 New Discovery Ghana discovers new mineral, lithium in...bullet
7 Money Alert Meet Africa's richest womanbullet
8 Bozoma Saint John 10 quotes from Uber top official,...bullet

Business