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Brexit Vote Economists assess Brexit Vote impact on Ghana

While some believe the move will have no direct repercussions for the economy, international analysts think otherwise.

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Britain Brexit Polls play

Britain Brexit Polls

Ghanaian economists and financial analysts have been assessing the impact a possible Brexit Vote, that is Britain deciding to opt out of the European Union, will have on Ghana’s economy.

While some believe the move will have no direct repercussions for the economy, international analysts think otherwise.

Banking and Finance Lecturer at the University of Ghana Business School, Dr. Laud Mensah says the move will not have a major effect on the country’s economy.

“Britain does not have the economic links it used to have on Ghana, in practical business terms, maybe because it was shielded by the EU.  So unless we are talking about direct negotiations with the British government as an independent country, I don’t see much changing.  On the other hand, should the British Pound Sterling drop any further,  that will have immediate positive effects on our foreign exchange situation in Ghana. British imports will be cheaper as well.”

BBC business journalist, Russell Padmore, believes that almost all trade negotiations done with the EU that involves Britain, will have to be renegotiated.

READ MORE:Brexit Rolls-Royce says Brexit will heighten investment risk

This includes aspects of the Economic Partnership Agreement that has to do with Ghana and the UK.

“Should Britain vote Brexit, it could have diverse consequences for African countries and Ghana. For example, Britain will not be bound by all agreements made under EU, which could be a good thing or a bad thing, depending on what Britain, on its own , will want to do.”

Russell, speaking on BBC-Joy FM two- way business discussion program, added that the current challenges with the British Pound may inure to the benefit of Ghana, as the two countries will be free to trade.

Meanwhile, agribusiness entrepreneurs see it as an opportunity to rectify what they deem as unfair and shrewd conditions under the Economic Partnership Agreements and how they affect exports to the UK.

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