We import most of our goods from China, make Chinese Yuan available, not dollar – Importers tell gov’t, BoG

Finance Minister Ken Ofori Atta (Left) and Governor of the Bank of Ghana, Dr Ernest Addison

Importers and Exporters in Ghana have told the government that they import most of their goods from China therefore, the Bank of Ghana (BoG) or the government through the Ministry of Finance should make Chinese currency Renminbi (Yuan) available in commercial banks.

According to the Importers and Exporters, this will contribute to dealing with the issue of overreliance on the dollar for trade and also ease the pressure on the local currency, the cedi.

Executive Secretary of the Importers and Exporters Association of Ghana, Samson Awingobit said Ghanaians must prepare to pay more for goods and services due to the poor performance of the cedi against the major trading currencies especially the dollar.

At the moment, he said, importers are spending huge amount of cedis to exchange for the dollar hence, the cost will be passed on to the consumer to bear.

The cedi is currently trading beyond 7 cedis to the dollar. Analysts have predicted it is most likely to cross 8.

Mr Awingobit told journalists in Accra on Tuesday March 8 that “The business community is worried and consumers should also be worried because at the end of the day if an importer will have to go through and bring goods under this high cost rate of the dollar to Ghana cedis, 7.4 per dollar as we speak, it tells you that goods and services prices will have to go up.

“That will not be well for the Ghanaian consuming public looking at the economic situation of the ordinary Ghanaian.

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“I strongly believe that our call that majority of our import is coming from China market and so there is no need for any Ghanaian business person to say he is travelling to China to buy goods, should be listened to. You put physical cash at the commercial bank exchanging for dollar, instead of the Bank of Ghana or the government making Chinese Yuan available.

“So far as this supply is coming from China there will be no need for dollar before you go to China. I strongly believe that that is the only way to go through. So make Chinese Yuan available in the market.”

By Laud Nartey|3news.com|Ghana