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Wednesday, 24 August 2016

Africa after the real Brexit

As Britain chose to leave the European Union, sending shock waves through the global markets, experts remain uncertain on how this would impact African economies. Trade and investment would certainly be affected as most of the trade arrangements the UK has with African countries were negotiated through the EU. By 6:30 a.m. on 24 June, less than 12 hours after a successful referendum on Brexit (Britain's exit from the European Union), South Africa's currency, the rand, took the first blow. It plunged by almost 8% from R14.33 to R15.45 against the US dollar, its steepest single-day decline since the 2008 financial crisis. Brexit sent shock waves through the global markets, including those in Africa. Investors in African markets panicked because many economies (such as Angola, Nigeria, South Africa, and Zambia) were already reeling from low commodity prices exacerbated by a sluggish global demand. In these countries, Brexit added salt to the wounds of injured economies. On what happens next, experts are uncertain, and African governments may need to redefine their trade and diplomatic relations with a post-Brexit Britain and Europe.

Source: theafricareport.com