There seem to be some level of uncertainty in Ghana’s job market as Britain finalizes its move to exit the European Union.
This is according to labour practitioner, John Esiape.
Speaking to Citi Business News at the sidelines of the maiden edition of the citibusinessnews.com breakfast encounters, John Esaipe said the conclusion of the Brexit is crucial to the job security situation in Ghana considering the number of EU and UK companies operating in Ghana.
“For as long as the exit does not change the economic and trade relationship between Ghana and the European Union plus the UK to be very specific, the impact would not be that much. However we are in a world where trade, commerce are inter-related and so as we speak now, you are likely to see some impact considering the fact that there are UK companies and EU ones operating in Ghana. Now you have workers of these multinational companies not knowing their fate.”
“Even the speculative aspect of the brexit alone is having an impact on the labour industry. Workers are currently in a fix on what their fate would be. So it is better they conclude the process quickly for us all to know which direction things are going. Then we can work towards stabilization. The longer it takes, the worse it becomes because then everything is held in abeyance,” John Esiape stated.
He argues that the anxiety among employees in Ghana is growing on whether they will be able to retain their jobs or will lose it with Brexit.
John Esiape further stated,“Ghana specifically is currently reeling under high unemployment for various reasons; speculations in an election buy accutane mastercard year are not good for the growth of business and that is likely to further aggravate the job security situation.”
Britain leaves EU via referendum
On June 24, the UK voted to leave the EU in a historic referendum.
In the wake of the decision, the pound sunk and markets went wild due to uncertainty.
The Asian equity markets also fell.
Some analysts have said the decision of UK to exit from the EU will impact seriously on the British economy.
African countries, especially those in the Commonwealth, will definitely feel the impact on their economies.
Ghana’s Minister of Foreign Affairs, Hannah Tetteh, has said the UK’s decision to leave the European Union will affect Ghana’s trade with that country.
The Brits voted to exit the European Union after more than four decades of joining the common market.
Hanna Tetteh also explained that, Ghana would have to renegotiate trading and bilateral agreements with the UK.
Recent statistics show that, trade between Ghana and the United Kingdom has reached £1.3 billion.
Ghana is currently the UK’s fifth largest trade partner in Sub-Saharan Africa.
Madam Hanna Tetteh also said the country would have to pay attention to the UK and EU negotiations “so that we will know what kind of processes they will continue to have, and how that should influence whatever subsequent negotiations we will have with them.”
“Until Britain formally exits EU, the trade arrangement will continue to apply, but we have to consider the negotiation of bilateral trade arrangement with the UK,” she added.
Meanwhile, experts have predicted that the UK and EU negotiations will take about two years to complete.
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By: Norvan Acquah – Hayford/citibusinessnews.com/Ghana