An Assessment Of Brexit’s Implications For Trade Relations Within The Commonwealth: A Comparative Study Of South Africa And Ghana

Abstract

Continents, Organizations, Nations and Economies have all identified the changes in the global trend of trade and have endeavored to ascertain the implications of activities surrounding it. Same is said for the happenings of Brexit and its follow up actions or inactions from continents like Africa and for an organization like the Commonwealth. This study purposefully assesses the implications for trade relations within the Commonwealth with focus on Ghana and South Africa as a representation of countries with similar or mutual economic pedigrees. The work discusses the potential trade policies that may arise while finding that Brexit may leave dire repercussions on Commonwealth Africa. The study also discovers that in order of significance, the Commonwealth African countries may not be the priorities of UK in the conversation of reframing trade relationships as much as it is anticipated. Some Africa-EU-UK relationships already existed through the signing of protocols and agreements which necessitated the inflow of development funding from the EDF, and which may be affected substantially due to the Brexit. It is also found that the UK may retain its single market with the EU which will not arguer so much difference in the existing tariff arrangements with other markets like Ghana and South Africa. There is also surmounting fear that there may be the shoring up of business cost for these countries should the UK decide to directly deal with the 162 WTO members separately. Finally, a positive implication may be the window of opportunity for South Africa and Ghana to negotiate their terms of trade with the UK. Importantly, this work employed the qualitative approach and gathered data through interviews and from books, journal articles, and other online sources. The concept of international cooperation anchored the analysis of the study and generally aimed at adding on to existing literature.