Ghana will allow trading in Chinese yuan this year - BoG

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look at you 10 years ago

BETTER GOOD NEWS

BETTER GOOD NEWS
Kwabena Ansa 10 years ago

Governor Kofi Wampah, why are you allowing banks to quote yuan rates and sell the Chinese currency in Ghana?
In the first place, yuan is not recognized on International currency market.
Secondly, are you going to disclo ...
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Governor Kofi Wampah, why are you allowing banks to quote yuan rates and sell the Chinese currency in Ghana?
In the first place, yuan is not recognized on International currency market.
Secondly, are you going to disclose it to Ghanaian businessmen that the yuan that they exchange their Cedis for, cannot be used any where else except China?. To be honest with you, it is a bad idea for you to advise the Government to allow the banks to sell Chinese currency.
Mr. Wampah, you know very well that Yuan is not recognized as international currency, as such, it cannot be used to pay bills internationally. It is not like the almighty U.S.dollar or the British Pound. So, for you to advise the Government to enact such monetary policy i.e. to sell Chinese yuan to Ghanaians is beyond comprehension.
Mr. Wampah, you should know in your position as Governor of Bank of Ghana, we Ghanaians expect you to give our Government your politically unbiased and best advice when it comes to monetary policies for the country.
Unfortunately, I am certainly not sure that you carefully thought through seriously before you gave your blessing to the Government to give the order to the banks to sell China yuan knowing very well that it is internationally unrecognized and therefore worthless for International business transactions.
Joe Turkey 10 years ago

Kwabena, you have not said anything in your long diatribe. In fact, you sound silly. How does it matter whether the Yuan is recognized as an international currency or not? You did not even mention what should have been done i ...
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Kwabena, you have not said anything in your long diatribe. In fact, you sound silly. How does it matter whether the Yuan is recognized as an international currency or not? You did not even mention what should have been done instead. If Ghanaians can obtain their Yuan in Ghana to do business in China, that would ease pressure on the Ghanaian cedi as there will be a lower demand for it. Don't pour your ignorance here simply because you have a computer an internet.
K MAN 10 years ago

Lower demand for a currecncy is NOT a good thing as the currency value drops with the drop in demand. That is why the dollar keeps rising because there IS such high demand for it.

This is only basically helping those who t ...
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Lower demand for a currecncy is NOT a good thing as the currency value drops with the drop in demand. That is why the dollar keeps rising because there IS such high demand for it.

This is only basically helping those who trade with China to buy goods to import.

The fundamental issue is that until Ghana becomes a net exporter instead of importer of finished goods, materials trading in Yuan is only simply a means to buy more from China, which is not going to help grow our economy.
Odurose 10 years ago

Why,Governor Wampah, have you suddenly fallen in love with the Chinese yuan when the Chinese themselves have been fighting shy of making their currency an international one? Asking the Ghanaian banks to sell yuan to Ghanaian ...
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Why,Governor Wampah, have you suddenly fallen in love with the Chinese yuan when the Chinese themselves have been fighting shy of making their currency an international one? Asking the Ghanaian banks to sell yuan to Ghanaian businessmen is inviting these businessmen to commit financial hari-kari on the foreign exchange market because they cannot use the yuan in any other market.

The beauty of the US dollar, the Pound sterling, the Japanese yen and the Euro is that they are all directly convertible on the international money markets but the yuan is not; and in spite of numerous efforts by the international financial community to have the Chinese make their currency convertible on the markets the Chinese have adamantly avoided doing so. So why should Ghanaian businessmen buy a seemingly worthless currency save in China? Governor Wampah please do think carefully before you make such a move.

The solution to the rapid depreciation of the cedi vis-a-vis the US dollar and other major currencies lies elsewhere in the prudent management of the public finances in Ghana rather than in getting ourselves tied to a very soft currency such as the Chinese yuan.
@@@ 10 years ago

wHEN WILL WE EVER LEARN? THE CHINESE THEMSELVES TRADE IN $$ SO WHY DO WE WANT TO TRADE IN YUAN? RECONSIDER THIS DECISION. REFER TO US$3bn CDB Loan: Ghana duped, AFTER ALL THIS SHOULDN'T WE BE WARY OF THEM. PLEASE THINK BEFORE ...
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wHEN WILL WE EVER LEARN? THE CHINESE THEMSELVES TRADE IN $$ SO WHY DO WE WANT TO TRADE IN YUAN? RECONSIDER THIS DECISION. REFER TO US$3bn CDB Loan: Ghana duped, AFTER ALL THIS SHOULDN'T WE BE WARY OF THEM. PLEASE THINK BEFORE YOU ACT. GOD GAVE US ALL BRAINS TO REASON.
K MAN 10 years ago

In the short term, yes, this may help local business buy goods from China to import but for the long term benefit of the economy how does importing goods in the Yuan benefit Ghana.

It simply ties us more closely and makes ...
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In the short term, yes, this may help local business buy goods from China to import but for the long term benefit of the economy how does importing goods in the Yuan benefit Ghana.

It simply ties us more closely and makes Ghana more dependent on China and its political and financial influence. If we continue to increase the proprortion of total imports from China than our goverment and economy debt to the country could become a burden, especially if there is no significant increase in our export levels.
Kkk 10 years ago

Please, we don't need any yuan in Ghana. The Chinese yuan is the least among currencies in the world. They are trying all means to get their currency in shape. Our cedi isn't good don't worsen it please Bank of Ghana. When th ...
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Please, we don't need any yuan in Ghana. The Chinese yuan is the least among currencies in the world. They are trying all means to get their currency in shape. Our cedi isn't good don't worsen it please Bank of Ghana. When they are draining our country of it minerals you also want us to be drain of currency, why? This move wouldn't be helpful to our economy so stop it.
frank 9 years ago

ohhhh my ohh my.so is our country saying ever since ghana gained independence there is no wise person to lead our poor people?mother ghana.God help us

ohhhh my ohh my.so is our country saying ever since ghana gained independence there is no wise person to lead our poor people?mother ghana.God help us

Ghana will allow trading in Chinese yuan this year - BoG

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