International businessman Daniel Oben-Torkornoo has stated that China’s acceptance of the Ghanaian cedi for trade is likely to benefit business-to-business transactions more than ordinary Ghanaians directly.
Speaking on iKulcha TV and Radio Kulcha with host Kwesi E. Baako, Mr Oben-Torkornoo explained that the arrangement could make it easier for Ghanaian and Chinese businesses to conduct transactions using the local currency.
He noted that while the development could create opportunities for businesses and support trade between the two countries, its benefits may not automatically extend to every Ghanaian.
Mr Oben-Torkornoo also stressed the need for Ghana to strengthen its export capacity and move beyond the export of raw materials to compete effectively in the Chinese market.
He indicated that expanding value-added production and improving the competitiveness of Ghanaian goods would be important in ensuring that the country derives broader economic benefits from its trade relationship with China.
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