Business News of 2014-06-16

Chinese Currency, Yuan now available in Ghana

The Bank of Ghana has announced that the Chinese currency, the Yuan Renminbi is now available for traders who would want to use it for business transactions.

The move to introduce the Yuan in Ghana follows the high demand for US dollars by traders who transact business with their Chinese counterparts. This however according to the central bank puts massive pressure on the cedi, resulting in its fast depreciation against the dollar.

Head of Financial stability at the Bank of Ghana, Dr Benjamin Amoah says businesses can now go to the commercial banks for the Yuan.

“The Yuan is already available if you go to your bank. If you need it, go to the bank. If they don’t have it, you can tell them the central bank has some therefore they can open an account like they do for dollars and them procure some to supply for customers”, he said. The Yuan is going for 48 pesewas for a Cedi.

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