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UK aims for ''record high'' trade with Ghana

As a result of Brexit, the UK is seeking out new trading partners and has set itself the task of achieving ''record high'' trade with Ghana by the year 2020. A UK/Ghana Chamber of Commerce has been formed to drive that goal, and according to British High Commissioner, Jon Benjamin, Ghana would have to address regulatory bottlenecks, including licensing rules, customs procedures and land registration issues, to make it possible.

Trade between the two countries fell from £1.3 billion in 2013 to £1billion in 2014, and according to the High Commissioner, it does not look like 2015 figures will be much higher, adding that “we still aim for that overall figure to recover and, indeed, reach a record high by 2020.”

French Economist, Jacques Berthelot, argues that Brexit does matter for Ghana, estimating that UK imports from Ghana in 2015 accounted for 24.1% of EU imports in value.

“In particular the UK accounts for 55.8% of all EU28 bananas imports from Ghana and for 53.5% of processed tuna, against 28.8% for pineapples and 9.2% of processed cocoa.''

Government has hinted that the two countries will enter into bilateral talks following Brexit.

The UKGCC will promote, foster, and represent UK business interest in Ghana by directly helping UK companies to identify market opportunities and provide them with a first point of call when looking to do business in and trade with Ghanaian counterparts.

The Chamber will also support Ghanaian companies that want to link up with counterparts in the UK to grow. It will also provide services to Ghanaian companies that want to export to, and invest in the UK as well.

Source: ghanaweb.com

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