The Ghana Union of Traders Association in the Greater Accra Region has thrown its weight behind fresh measures by the Bank of Ghana aimed at reducing the business community’s heavy reliance on the United States dollar for international commerce.
For several years, commercial importers across the country have pushed for an alternative transaction mechanism to ease the severe foreign exchange pressures associated with cross-border trade.
Business leaders believe the central bank’s latest directive will offer much-needed relief to local traders by streamlining both domestic operations and international settlements.
Speaking on Nyankonton Mu Nsem on Rainbow Radio 87.5FM, the Greater Accra Regional Chairman of GUTA, Nana Kwabena Peprah, welcomed the development, describing it as a progressive step toward protecting local businesses from currency instability.
“This is an initiative we have advocated for over a long period,” Nana Peprah noted during the broadcast. “It will significantly lessen the transaction burdens our members face when clearing goods and executing cross-border payments.”
However, the trade leader cautioned against restricting the service to a tiny cluster of financial institutions, warning that limited access could undermine the broader benefits of the policy.
“We strongly appeal to the central bank not to confine this arrangement to Stanbic Bank and Ghana Commercial Bank alone,” Nana Peprah stressed. “The Bank of Ghana must roll out this facility across all licensed commercial banks so that every trader in the country can access it easily and conveniently.”
The policy shift was formally announced by the Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, during the 132nd Monetary Policy Committee press briefing. Outlining the initiative, the central bank chief revealed that Ghana Commercial Bank was finalising preparations to launch the service alongside Stanbic Bank.
Under the new operational framework, Ghanaian enterprises can settle import invoices directly with Chinese exporters using the Chinese yuan straight from their local bank accounts. By bypassing the traditional double-conversion route of acquiring US dollars first, the scheme eliminates a major foreign exchange hurdle that has long plagued Ghanaian importers trading with China.
By: Rainbowradioonline.com/Ghana
