To reduce the pressure of the Dollar on the Foreign Exchange (FX) market, Chinese Yuan is being introduced as a major trading currency in Ghana.
According to business community, especially importers, this will reduce the pressure on the dollar which accounts for the free fall of the cedi.
After Europe, China is the second largest trading partner of Ghana.
Every year, many items manufactured in China including textiles, machinery, vegetable oil, plastics, and chemical products are imported into Ghana from China.
Trade Ministry Statistics has shown that annual imports from China are more than 2 billion dollars.
Business importers have to change millions of cedis into dollars to enable them pay their manufacturers and suppliers in China, increasing the demand for the dollar.
Benjamin Yeboah, Executive Member of the Ghana Union of Traders Association (GUTA) told media, whatever steps that can be taken so that we don’t have to depend on the dollar so much has to be taken. I don’t see why we should be wasting that much time if there is a possibility in using it”.
Executive Member of the Ghana Union of Traders Association (GUTA) urged the government of Ghana to start discussions with the Chinese government in that regard.
The Importers and Exporters Association suggest that Bank of Ghana should make the Chinese Yuan more accessible to them.
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