Bank of Ghana Introduces Yuan By March

Bank of Ghana Introduces Yuan By March

Bank of Ghana Introduces Yuan

The Chinese yuan

Bank of Ghana (BoG) is to finally make available for trading in Ghana, the Chinese currency, Yuan by the end of the first quarter of this year.
Last year, the Central bank said it will introduce the currency as one of the key strategies to shore up the value of cedi which has been depreciating fast against the US dollar.

Also in 2013, the Cedi depreciated about 24 percent against the dollar mainly due to high demand pressure to engage in Chinese imports.

Sources close to Citi Business News said the Central Bank is almost completing an agreement with Standard Bank to open an account for the Chinese Yuan.
The Yuan is now valued at about 37 pesewas for a cedi on the interbank market.

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