ACCRA -- The Governor of the Bank of Ghana, Abdul Nasiru Isahaku, has confirmed moves by Ghana and China to trade their national currencies.
Addressing the media on the state of the country's macro-economic conditions, Isahaku said the bank was expecting Chinese officials for preliminary talks on the proposal.
Concerning the prospects, the governor said there was the need for education in the market for the cedi - RMB transactions to become accepted.
According to him, the central bank had tried the RMB market by importing about 20 million dollars equivalent of RMB but was not well utilized.
"But we actually used physical cash, dollars to get this RMB but this structure that is being proposed by China is direct cedi to RMB transaction without going through a third party, almighty dollar.
"So there might be some benefits to that but we haven't had any deep conversations on that," the governor added.
Isahaku also confirmed that the central bank had reviewed its policy on the importation of foreign currencies, allowing mining firms, which constitute one of the largest sources of foreign currency in Ghana, to sell their foreign Exchange (FX) earnings directly to the market.
A single purchase
