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African countries feel the ripples of Brexit

Britain’s exit from the EU will affect major economies of the world. (Image Source: Elionas2/Pixabay)

The UK’s decision to exit the EU is causing volatility in markets all over the globe including in Africa

Currency markets, being the most liquid are amongst the first to feel the effect of a major economic or political decision and so has been the case with Brexit. A day after the results were announced, several nations already noted the effects of it in the form of dropping Forex. Nigeria, for instance is reported to have more than US$8bn worth of bilateral trades with the UK which are expected to feel the ripples of this event.

South African Rand (ZAR) was down by eight per cent in the wake of Brexit. Financial market volatility caused by Brexit, could hurt investment flows into South Africa, said its finance minister Pravin Gordhan on Sunday.

"We attract investment from countries such as the UK and Germany and other countries in Europe and we don't want this uncertainty to impact on investment decisions those big companies might be making in South Africa," he told Power FM radio.

Other African nations including Kenya, Uganda and Zimbabwe are also expected to feel the impact of this decision considering the UK’s importance as a key investor in Africa.

Experts foresee only a brief period of market instability and volatility as a result. A renew relationship is expected to be established after renegotiations.

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