Ghana’s Foreign Affairs minister Hanna Tetteh has stated that Britain’s decision to quit the European Union will not affect Ghana’s trade relation with the United Kingdom.
The UK on Thursday voted to exit the European Union in a historic referendum.
The outcome of the referendum has shocked many world leaders with Prime Minister David Cameron declaring his intention to step down in October this year.
Following the referendum the value of the British pound has fallen dramatically raising concerns about the impact on developing countries such as Ghana.
Trade between Ghana and the United Kingdom has reached £1.3 billion, according to latest statistics.
There are fears the exit of the world’s fifth economy from the EU will take a huge toll on developing countries including Ghana.
But former Trade Minister Hannah Tetteh says suggestions that UK’s exit from the EU would affect trade with Ghana is a huge exaggeration.
“If you are to suggest that Britain’s exit from the EU puts us in a tight corner that would be a high exaggeration. When you look at the leading economies in the world and you take the EU as a region, its total GDP is in excess to the total GDP of the United Kingdom.
“If you look across the table of companies that have invested in Ghana, you would realize that there are a lot of companies who have invested in Ghana, European business not British business that have taken advantage of the market access,” the Member of Parliament for Awutu said.