Exploring the Likely Impacts of April 2024 Dubai Floods on Ghana’s Trade and Economic Outlook: Addressing the Challenges and Forging New Directions: A Literature Review
Journal of Economics, Management and Trade · pp. 107–117 · Published 16 May 2024
10.9734/jemt/2024/v30i61217Abstract
The study examines the repercussions of Dubai's flooding on Ghana’s trade and proposes actionable strategies for resilience and growth. Through a literature review, it investigates the influence of natural disasters on international trade, focusing on challenges encountered by developing economies like Ghana. The study emphasizes the interconnectedness of global trade networks and the need for proactive risk management. Existing qualitative literature from previous studies was synthesized and analyzed for the study which revealed that over the last three years, Ghana's exports to the United Arab Emirates have grown significantly, from $117 million in 2021 to $1.71 billion in 2023. This suggests that the market for Ghanaian goods in the United Arab Emirates is growing, maybe as a result of enhanced market access, diversified product offerings, or rising demand. Although Ghana's exports to the United Arab Emirates have been increasing, the UAE's imports into Ghana have varied over time. Ghana has a trade deficit as a result of the steady tendency of imports to exceed exports, notwithstanding fluctuations. Findings suggest potential disruptions to Ghana's trade activities and economic growth due to Dubai's flooding, highlighting the importance of resilience-building measures and diversification of trade partners and markets. Recommendations include investing in resilient infrastructure, promoting digital trade, enhancing institutional capacity, and fostering regional cooperation. By offering insights for policymakers, businesses, and stakeholders, this study contributes to understanding the resilience of developing economies to natural disasters and provides practical guidance for Ghana to navigate the challenges posed by Dubai's flooding and achieve sustainable growth.
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Cited by 4
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