Minister urges Ghana-China talks on access to Yuan in Ghana

Business News of Thursday, 18 October 2018

Source: citibusinessnews.com

2018-10-18

Charles Owiredu, Deputy Foreign Affairs Minister

A Deputy Foreign Affairs Minister, Charles Owiredu has waded into debate on the use of Chinese Yuan by Ghanaian traders, asking the government to consider discussions on the issue.

He says the move should facilitate easy trade and investment between the two countries.

Many business associations have made an appeal to the government to enable them direct access to the Chinese Yuan here in Ghana so as to reduce the burden on the dollar.

This they believe will also help stabilise the cedi by reducing the impact of depreciation.

The Deputy Minister made the remarks at the Industrial Commercial Bank of China (ICBC) and Stanbic bank’s ‘I Go Ghana’ partnership event in Accra.

“Ghana and China have in recent times experienced an appreciable increase in people to people exchanges. The IMF recently added the Chinese Yuan to its basket of currencies. Looking into the future, the two countries could consider entering into a currency swap agreement to further facilitate trade and investment between Ghana and China, thereby reducing our over-reliance on the use of the dollar”.

Speaking at the same Event, Ghana’s Ambassador to China, Edward Boateng, urged the tourism ministry to develop better incentives to improve the tourism industry in Ghana as that will attract more tourist to the country.

“The Chinese want to explore but the Chinese cannot come to Africa if we don’t have the right hotels, food and even great tourist sites”.

The Stanbic Bank, ICBC program was held to promote tourism and trade between the two countries.

The theme for the meeting was “Deepening Ghana China Relations: The role of Tourism and Trade”.

Under the initiative, Chinese tourists who visit Ghana will receive discounts and special offers whenever they use ICBC cards at selected travel, hospitality and lifestyle merchants in the country.

Standard Chartered Bank’s Group Head of Card and Emerging Payments said “China has emerged as a key economic partner for Africa in recent years and through the ‘I Go Ghana’ program, Standard Bank wants to strengthen relations between Ghana and China through trade and tourism. Such an arrangement we believe is good for the tourism industry and the economies of the two countries”.

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