China and Nigeria renew currency swap deal to boost bilateral trade

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• Why not Ghana 11 months ago

  I write on why Ghana needed to establish this kind of arrangement with China on my facebook page almost ten years ago. Till date, I don’t understand why no leader has thought of this. Ghana does so much trade with China. An ...
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  I write on why Ghana needed to establish this kind of arrangement with China on my facebook page almost ten years ago. Till date, I don’t understand why no leader has thought of this. Ghana does so much trade with China. And the Chinese yuan is a regulated currency; meaning the government of China keeps the yuan low in order to make Chinese products cheap ; so they can keep exporting . This means , even if Ghanaians increase their demand for the Chinese yuan while trading, the yuan will still be kept artificially low.
  
  As it stands now, we purchase the dollar before using the dollar to purchase the yuan for our trades. This creates a “false” demand on the dollar. If we can establish a direct exchange or direct swap deal , the cedi will not be depreciating so much against the dollar

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• Hp 11 months ago

  Hi, I am interested in reading your piece. Can you share it here or direct me to your page

  Hi, I am interested in reading your piece. Can you share it here or direct me to your page

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• KA NA WU. 11 months ago

  You want more cheap Chinese imports in Ghana to stifle demand for our locally produced goods and smother our industries and deepen our unemployment abyss?

  You want more cheap Chinese imports in Ghana to stifle demand for our locally produced goods and smother our industries and deepen our unemployment abyss?

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• Nana 11 months ago

  God bless you my brother. I look to we having sensible leaders who will think such

  God bless you my brother. I look to we having sensible leaders who will think such

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• KA NA WU. 11 months ago

  Is Nigeria happy about a balance of trade deficit of $8.8 billion dollars? Not an economic episode to kindle one's enthusiasm.
  This is the Archilles' Hill of Africa, the inability to export, export and export till we drop do ...
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  Is Nigeria happy about a balance of trade deficit of $8.8 billion dollars? Not an economic episode to kindle one's enthusiasm.
  This is the Archilles' Hill of Africa, the inability to export, export and export till we drop down from exhaustion, which is the panacea for freedom from the IMF/World Bank economic and financial entanglements.
  Importing everything under the sun when you are foreign currencies-deficient will only worsen your socio-economic situation.
  China flooding Nigerian markets with cheap imports will only succeed in shifting demand from local industries and killing employment avenues.
  China is flexing her muscles these days as a result of huge external reserves accumulated through exports to the western countries notably, the USA.
  Taiwan and South Korea emerged from the doldrums through trade surpluses with the rich countries. What is beating the imagination of Africa?
  We like quick fixes and the easy way out in Africa: foreign remittances from citizens, foreign aid, borrowing/loan restructuring with burdening fees and interest rates, IMF/IBRD (world bank) silver platter dish outs with cutthroat stipulations which cause political upheavals and instability, quick contract negotiations for our natural resources which give us insignificant returns for transforming our economies and societies.
  Why cannot Nigeria bridge the deficit gap in trade to a reasonable length? Two billion dollars balance of trade deficit should be acceptable.
  To break the cycle of the packaged socio-economic problems which have beset us from time immemorial, Africa needs to be aggressive about exports.
  Just that!

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• Nigerian man 11 months ago

  Can Ghana bridge the gap? Economic sense is lacking else you won’t expect small gap btw the two nation.

  Can Ghana bridge the gap? Economic sense is lacking else you won’t expect small gap btw the two nation.

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• Rambo 11 months ago

  So swapping naira with yuan automatically means china will flood nigeria with chinese products?? Why didn't the use of dollars make America to flood the nigerian market with American goods? Even when there were no restriction ...
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  So swapping naira with yuan automatically means china will flood nigeria with chinese products?? Why didn't the use of dollars make America to flood the nigerian market with American goods? Even when there were no restrictions, was it not the chinese products that were most visible in the market? Hahaha, african scholars. Whatever happens with tariff and complete ban on some products? Can't the 2 billion dollars converted to yuan be used to import chinese industrial machineries?

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