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Importers advocate the use of the Chinese currency as a major trading currency in the Ghana

The Business Community in Ghana has asked the government to introduce the Chinese currency, the Yuan as a major trading currency.

The Chinese Yuan

This is to help reduce the pressures on the Foreign Exchange (FX) market.

According to some business owners especially importers, this will also reduce the pressure on the dollar which accounts for the free fall of the cedi.

Currently, China is Ghana’s second largest trading partner after Europe.

Textiles, machinery, vegetable oil, plastics, and chemical products are examples of the items imported into Ghana from China every year.

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Statistics from the Trade Ministry in Ghana revealed that annual imports from China is over $2 billion.

These, therefore, means that importers would have to change millions of cedis into dollars to enable them to pay their manufacturers and suppliers in China, hence, increasing the demand for the dollar. A trend Financial Analysts reveal accounts for the consistent depreciation of the cedi.

The Importers and Exporters Association out of this is calling on the Bank of Ghana (BoG) to make the Chinese Yuan more accessible.

According to the President of the Association, Samson Asaki Awingobit, it is important if the Ghanaian government allows the Yuan to be used by people who go to the Chinese market to buy.

He said, “the Bank of Ghana can make sure that our counterparts in China make free transfer of resources so the traders can easily transfer funds without having to change the money into dollars physically in Ghana before sending it.” 

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The association further looks forward to some discussions from the government and the Chinese government in that regard.

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Email: news@pulselive.co.ke

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