The Impact of ‘Brexit’ on Ghana-UK Economic Relations

Brexit‘Brexit’, the unprecedented outcome of the 23 June 2016 referendum on the United Kingdom’s membership of the European Union (EU), has caused shock and turmoil in global markets. The value of stocks and the British Pound Sterling have all been badly hit in the days after the referendum. As at the close of day on 24 June, the United Kingdom’s FTSE 100 stock market index closed down over -3.15%, the Euro Stoxx 50 index down -8.62%, DAC and CAC 40 at -6.82% and 8.04%, respectively. Brent crude oil fell 4.91% to less than US$48 per barrel whereas the spot price of gold gained +4.69% to US$1,316 an ounce. Conversely, many emerging market currencies recorded some gains. For example, the South African Rand made major gains against the Sterling.

In concluding, Ghana may have to start bilateral talks with the UK to renegotiate various agreements before it formally exits from the EU. A weaker pound could make UK imports into Ghana relatively cheaper and whereas Ghanaian exports to the UK could earn less, all things being equal. We are likely to see lower remittances from Ghanaians in the UK in the short term. While Ghana may benefit from an upside in gold prices in the short term, the net effect of this on the economy given the country’s high debt service costs and currency pressures remains uncertain. We could potentially see more skilled economic migrants relocating to the United Kingdom from Ghana should an “Australian-style points system” for immigration to be applied migrant workers, if all requirements are met. This could, however, also have a detrimental effect on the quality of services in Ghana especially in areas such as the health sector.

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Download Paper: GGDP_CIN12_Ghana_UK-Trade-Post-Brexit_Final

 

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Terrorism in Sub-Saharan Africa: Causes and Possible Solutions

Until the last two decades Sub-Saharan Africa was not known to have transnational terrorist organizations. There were several rebel movements across the continent but they were all basically in-country dissident groups. The trend has changed, and over the last few years there has been a sharp rise in terrorism especially in Nigeria, Niger, Mali, Chad, Cameroun, Somalia, Sudan, Uganda and Kenya. The decision by the United States to create AFRICOM, a separate military command in Africa, as a stand-by military force is the clearest indication that Africa is now considered an area with growing terrorist threats and attacks. These threats and attacks highlight the security concerns currently unfolding in some African countries.

Download Paper:GGDP_CIN11_Growing-Terrorism-In-Africa_-Final

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Review of the Ghana-Côte D’ivoire Maritime Border Dispute Ruling: Round One

On 3 December 2014, Ghana and Côte d’Ivoire entered into a Special Agreement to submit their maritime border dispute to a Special Chamber of the International Tribunal for the Law of the Sea (ITLOS) following the breakdown of formal bilateral negotiations to resolve the impasse. Further on 27 February 2015, Côte d’Ivoire filed a request for the prescription of provisional measures to the Special Chamber requesting the ITLOS to grant temporary provisional measures for Ghana to suspend all oil exploration and production activities in the disputed maritime boundary pending the resolution of the full case in late 2017.

Download Paper: GGDP_CIN10_Ghana-Cote-DIvoire-Maritime-Dispute-Final-version

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