“BREXIT” or “British exit” referred to the possibility of Britain withdrawing from the European Union (EU) was closely monitored by the economic fraternity across the globe. The British Prime Minister Boris Johnson made every effort to accelerate its process. BREXIT, the world’s largest free-trade pact which witnessed tough negotiations between Britain and the EU has been finally done. The concessions and losses therein will define the diplomatic relationship between the U.K. and the EU for the future. Boris Johnson is said to have played an excellent role during the BREXIT process and he claims to have taken back control of British laws and destiny by keeping his country attached to the EU emotionally and strategically. The EU President Ursula von der Leyen opined that BREXIT is fair, balanced, right and responsible. However there are mixed reactions to the deal on both sides.
Post-Brexit, the eligibility for tariff-free access to the U.K. market under the EU’s Market Access Regulation is not being rolled over for exports from Ghana. This means from January 2021 Ghanaian tuna, bananas and cocoa products would attract new tariffs. These products from Ghana command a major presence in the U.K. market as compared to other European markets.
But Ghana is not over-reliant on the export of these products as far as the European market is concerned. In Netherlands aluminium plays a specifically large role for Ghana’s export market. Cocoa beans command 49% of the total French imports from Ghana. Belgium is one among the four largest importers of pineapples, wood products and diamonds in particular from Ghana.
The tasks that lie ahead for the Ghanaian government to promote exports should encompass initiatives to explore beyond a European Geography, tap every element of feasibility to monitor economic reforms closely, create a climate for sustainable employment and adopt a balanced strategy model for exports. The government has to give impetus to these aspects and remember that a high level of concentration always breeds vulnerability.