WTC, ICC discusses implication of 'BREXIT' on trade

The World Trade Centre (WTC) Accra in collaboration with the International Chamber of Commerce (ICC) Ghana is spearheading a high level executive business and networking meeting to discuss the implication of BREXIT on Ghana’s international trade .

The breakfast meeting scheduled for next week, 26th July 2016 in Accra dubbed “Ghana Business Day” which would be under the topics: ‘Reducing the Cost & Time in doing business in Ghana and BREXIT: Implications for Ghana - UK Trade,’ is expected to bring together discussants including business executives, industrialists, policy makers, diplomatic community as well as business owners.

Main speakers for the upcoming programme include Ekwow Spio-Garbrah, Minister for Trade & Industry, Jon Benjamin, British High Commissioner to Ghana, Mr. James Asare-Adjei, President of Association of Ghana Industries.

BREXIT, an abbreviation of "British Exit" that mirrors the term Brexit, refers to the possibility of Britain's withdrawal from the European Union.

The referendum roiled global markets, including currencies, causing the British pound to fall to its lowest level in decades. Prime Minister David Cameron, who supported the UK remaining in the EU stepped down a few weeks ago.

Supporters of Brexit had based their opinion on a variety of factors from the global competitiveness of British businesses to concerns about immigration. The Bank of Ghana has warned that Britain’s exit from the European Union (EU) bloc could negatively impact Ghana’s trade sector, Foreign Direct Investment (FDI), and the cedi.

The central bank further points out that, Ghana’s strong trade relations with both the EU and the UK could be affected, with Ghana losing some budgetary support from the EU.

Recent statistics show that, trade between Ghana and the United Kingdom has reached £1.3 billion. Ghana is currently the UK’s fifth largest trade partner in Sub-Saharan Africa.

For Ghanaian exporters, this has created a lot of uncertainty in their operation. Hence, the need for businesses to attend this all important breakfast meeting to hear from the Minister for Trade and Industry and the British High Commissioner to Ghana about the international trade environment between the two countries in the coming years.

Whiles many have commented on BREXIT, this is the first forum that brings together Ghana’s trade minister and the British High Commissioner to Ghana to discuss the issue in detail.

There will also be a presentation on how to access the China-Africa Development Fund.