Ghana gets legal backing to trade in Cedi among African countries – BoG Governor

He said the central bank has embarked on reforms which will enhance financial transaction with Ghana and it’s neihghbouring countries in a way which will boost trade.

The central bank, he emphasized is poised for spearheading Ghana’s interest in upscaling the level of trading among African countries.

Speaking on the third and final day of the Ghana Trade Roadshow in Accra on Friday, July 1, 2022, Dr. Addison indicated that the Bank of Ghana has put robust framework in place to help local banks take trade imports in a stress free manner.

Under the theme: “Supporting the Africa Trade Agenda- Ensuring the Last Mile”, the third day focused on the banking and finance community.

It was organized by Afrexim Bank in partnership with Oakwood Green Africa Limited and other local partners.

Meanwhile, Managing Partner of Oakwood Green Africa Limited, Gabriel Edgal on his part said Africa needs to own industrial revolution rather than looking elsewhere for that revolution to tap into.

For him, It is better to do business with the continent to allow funds to stay within, rather than trading with America and Europe which only contribute to inflation because of the foreign currency the transactions are done.

The Pan African Payments Systems( PAPS)  which is a payment platform for the use of local currency for transaction will help to leapfrog into benefiting from world and international trade.

The President of Afrexim Bank, Prof.Benedict Oramah in his remarks said the Bank has succeeded in getting more banks onto the PAPS platform and so far 45 central banks have been rolled onto it.

Prof. Oramah who is also the Chairman of Board of Directors of the Bank further announced that the Bank has been admitted as the center for the continental transit transaction.

The bank, he indicated has disbursed close to $5 billion to Ghana since its establishment in 1994 and is in the process of financing two of Ghana’s projects which are a fertilizer processing plant and a railway line project to Burkina Faso.

Finance Minister, Ken Ofori-Atta  was at the function to lend his support to the show during which he said the narrative about Africa just benefiting two percent of the world’s trading must be given special priority which needs addressing.

The trade road show which has already been held in Gambia and Sierra Leone, will move to Cote d’Ivoire after the Ghana edition.