Brexit won’t disrupt trade ties with Ghana – Iain Walker

Source: Ghana | Charles Ayitey
Date: 12th-april-2018 Time:  6:47:16 pm

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British High Commissioner to Ghana, Iain Walker, says Britain’s exit from the European Union will not affect trade relations with Ghana.

Mr Walker said, “While we are leaving the EU, we will retain very close relationships with our European friends and allies. What we are talking about is a reorientation but for me the one that comes with lots of opportunities. 

I feel Brexit is not a negative with regards to Ghana and Britain. I think it’s a distinct opportunity to reinvest in each other’s economies,” he stated in an exclusive interview with JoyBusiness.

Mr Walker also refuted claims that the UK’s Brexit transition period which ends in 2020 will include austere economic reforms which would trickle down to job cuts and trimmed funds for development projects in Ghana.

The High Commissioner assurance falls in tune with some steps being taken by the UK’s government to cushion the negative effects on Brexit. Among these steps will be embracing a legislation to permit unilateral preferences to some countries including Ghana so as to address matters of trade displacement.

So far, the United Kingdom (UK) remains the largest economy among 79 other countries in the EU with larger trade ties and investments with Africa. 

In fact, records show that the economic development of all African, Caribbean and Pacific countries is strictly intertwined with portions of the EU trade policy. 

Even though the UK’s economic market constitutes just 13 percent of the total EU space, African economic markets like Kenya, Nigeria and especially Ghana are highly dependent on the UK market - hence fears of the Brexit transition period could include some negative trickle-down effects on smaller economies in Sub-Saharan economies. 

So far, Britain has given Ghana more than £69 million as a balance of payments support. Ghana has reportedly garnered more aid from Britain than any African country except Zimbabwe.

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