After Brexit, UK to pursue free trade deals with Ghana

Jon Benjamin - British High Commissioner to Ghana
Jon Benjamin – British High Commissioner to Ghana

When all is done and dusted, and Britain finally exits the European Union, the United Kingdom, will consider among other things in its relationship with Ghana, free trade agreements, its High Commissioner to Ghana has said.

In a speech delivered at the World Trade Centre Accra Business Breakfast, Jon Benjamin said the UK is in essence starting from a blank piece of paper when it comes to trade deals.

“Freed from Brussels’ more bureaucratic tendencies we will be able to tackle any excessive red tape that can choke small businesses. Right now, we are happy to have preliminary scoping discussions for a bilateral free trade agreement (FTA), but cannot yet get into detail until we are clear on the direction of travel between the UK and EU,” he said.

“In Ghana, as elsewhere, we will consult government, business and other interested groups on what that future might look like. We have been encouraged by the interest already shown in a future bilateral FTA by a range of non-EU countries, including some of the UK’s closest allies,” he said.

On June 23, 2016, Britain held a referendum to decide whether it remained in or exited the EU. Majority voted for exit.

Benjamin indicated that the new Prime Minister, Theresa May, who took over from David Cameron places great emphasis on trade and investment and as an endorsement of this has created a new government department for international trade which will focus on trade negotiations, trade promotion and investment.

“Our government is currently doing a lot to promote exports and attract investment: that work definitely does not stop regardless of the EU referendum result. The ambition remains for the UK to improve its position in the global league table for trade – we are currently sixth,” he said.

According to him, Ghana is the UK’s fifth largest export market in sub Saharan Africa.

“Ghana has strong economic, historical and political connections to the Although global exports have declined in recent years, bilateral trade in goods and services between the UK and Ghana was just over £1 billion according to the most recent figures available, namely for 2014.

In Ghana we have identified future big ticket opportunities for increased bilateral trade and investment in three key sectors including in mining, oil and gas, and in infrastructure. A diversification of exports to Ghana and exports from Ghana to the UK benefits both of our countries,” he said.

Benjamin said in the UK, it is business that contributes the majority of taxes which then go to fund schools, hospitals and defence.

“So if business is winning then we all win. In Ghana, we hope our bilateral trade helps create jobs, increase prosperity and boost the formation of human capital,” he said.

He noted that there are partnerships to be formed with Ghanaian companies, investments to be made, innovative goods and services to trade, bringing more jobs, and prosperity.

“And for smaller businesses, we are delivering and expanding a digital offer which matches exporters and potential exporters in the UK to demand for British goods and services overseas. We have had great response to this offer from companies in Ghana. We are keen to build stronger links between the UK and Ghana’s business sectors and to share UK skills and expertise,” he said.

He pointed out that there is a long way to go to negotiate the UK’s exit from the EU, from new trade deals to new arrangements for thousands of separate pieces of EU legislation on the UK statute book.

“So my message is clear, this is a new opportunity for the UK and our trading relationship with the world. The UK is very much open for business with Ghana. The key message here is that we have a strong economy in the UK: we remain a fantastic place to invest, and have plenty of innovative, successful businesses who are keen to do more business with Ghana to help grow the economies of both our countries. We will make Brexit work,” he said.

By Emmanuel K. Dogbevi
Copyright © 2016 by Creative Imaginations Publicity
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