Brexit Impact We are prepared for Brexit impact- Seth Terkper

Seth Terkper mentioned the possibility of commodity prices falling due to the UK’s falling currency, which is attributable to the Brexit Vote.

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Minister of Finance, Seth Terkper play

Minister of Finance, Seth Terkper

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Finance Minister, Seth Terkper says government has been preparing for the  possible impact of Britain’s EU exit on Ghana’s  economy.

The Finance Minister believes the implications will be both positive and negative, which means government and the Bank of Ghana will have to take strategic steps to minimize the risks and increase the opportunities.

“ This[the exit] will have both positive and negative implications for us. On one hand,  we are a net importer of crude so prices falling will be good. But on the other hand, we depend on gold prices and we need that to stabilize. So the Finance Ministry and the Bank of Ghana have been assessing ways to mitigate the effects on that front”, Mr. Tekper said in an interview with CITI Fm.

READ MORE: UK referendum Brexit vote 'a surprise' - Seth Terkper

Britain, on Thursday voted  in a referendum,  to leave the European Union. This settles a long-standing controversy in Britain as to whether or not the UK should continue to be a part of the EU or not. The discontent for the EU membership seems to stem from issues surrounding immigration and employment.

Mr. Terkper said the biggest impact will be possible rise in Ghana’s trading currencies- the Euro and Dollar. Whereas the Euro is expected to fall because of the exit, the Dollar is expected to rise against the Pound and the Euro.

“ So we[Finance Ministry] have been  in talks with the Bank of Ghana, even before the vote, to see what posture to take.” Mr. Terkper said.