Audio By Carbonatix
The Bank of Ghana is hopeful that the Ghana Cedi will rebound as soon as the local banks start trading in the Chinese currency, the yuan.
The central bank says this is possible because it anticipates more businesses in the country to trade with the Asian nation.
Currently, traders in Ghana heading to China need to take dollars with them that would later be converted to yuan, according to Bank of Ghana Governor Kofi Wampah.
"Many more people are traveling to China to do business and we think we should make life a bit easier for them," he said.
"It will also ease pressure on the Cedi as well as decrease the demand for dollars", he added.
The local currency has depreciated by 20 per cent against the dollar since the start of 2013 as companies demand the US currency to pay for imports into Ghana.
The central bank introduced new currency-trading regulations for banks to improve liquidity and boost transparency a fortnight ago.
It now believes that trading in the Yuan will help strengthen the Cedi.
Latest Stories
-
Police blur the line between invitations and arrests – Reindorf Twumasi Ankrah
42 seconds -
Turning invitations into arrests is making citizens reluctant to assist police – Twumasi Ankrah
34 minutes -
The Traffitech-GH SMS spot-fine system: The good, the sad, and the funny – Bright Simons writes
46 minutes -
Hawa Koomson pledges experienced and mature leadership of NPP women’s wing
2 hours -
Young woman found dead at Kasoa Peace Town
2 hours -
Playback: The Law examined lawful arrest in Ghana
3 hours -
Mahama urges African governments to treat healthcare as an investment, not budget cost
3 hours -
Bawumia congratulates John Boadu and new NPP executives, pledges support ahead of 2028
3 hours -
Aksa Energy delegation pays courtesy call on GRA Commissioner-General
3 hours -
‘No talent should be left out’ – Bawumia pledges inclusive NPP campaign for 2028
4 hours -
Prof. Mike Oquaye recounts how he blocked the Special Prosecutor’s attempt to arrest Bawku Central MP
4 hours -
Make health sovereignty a priority for Africa – Mahama
4 hours -
Dorimon Naa, Wa West DCE lead massive clean-up exercise; threaten sanctions against recalcitrant residents
4 hours -
Photos from Adom FM Y2K Jam
4 hours -
Praye Tiatia steals the show at Adom FM Y2K Jam [Watch]
4 hours