Brexit no deal could cost African nations $420m
15 Apr 2019 - by Chanté Ho Hip
Following a further Brexit delay, United Nations agencies have estimated a total loss of $420 million for African nations if the UK were to exit the European Union without a deal.
An estimated 20 African countries, including Morocco, Ghana and Tunisia, could incur an exponential loss in their total exports.
However, at the United Nations Conference on Trade and Development, about 11 African nations are said to see a total boost of $3.66 billion (over R51 billion) in exports.
Leaders in the category of beneficiaries include South Africa, Mauritius and Botswana.
According to Trade and Investment Minister, Rob Davies, SA in particular is said to benefit greatly, due to the fact that “various export lines would be duty free” in a no-deal scenario.
No trade conclusions have been reached with the UK and South Africa for a no-deal Brexit.
The UK itself, according to global ratings group S&P Global, has lost an estimated £66 billion (R1.1 trillion) thus far.