Access Bank seeks to deepen trade between Ghana and China

Executives of CTCCG and Access Bank PLC in a pose

Access Bank, in partnership with the China Traders Chamber of Commerce in Ghana (CTCCG), is seeking to deepen trade between Ghana and China with its recently established and fully dedicated Chinese desk in Ghana. The desk will enhance documentation and financial movement between the two countries.

China’s direct financial investment in Ghana as at the year 2016 stood at US$174million and total trade volume hit a historic high of US$6.6billion, increasing by 18.2 percent year on year.

Managing Director of Access Bank (Ghana) Plc, Olumide Olatunji, stated that Access Bank is well-equipped to facilitate trade and investment support for the many Chinese firms that have economic and trade activities in Ghana, as well as both Ghanaian and Chinese importers and exporters.

He said: “With presence in almost every continent in the world including 7 African countries and key global economic centres such as London, Dubai, Lebanon, China and India, our customers can be assured of a seamless, smooth and robust partnership whether in Ghana or China or in any part of the world”.

Speaking at the Chinese Business Forum, organised by Access Bank under the theme ‘Broadening the gateway to the Asian Business World: The Access Bank approach’ which came off at Alisa Hotel, Accra, Access bank seeks to not only increase trade volumes between the two countries but also move Ghana from the seventh-largest trading partner of China in Africa into the top-five.

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Secretary General of the CTCCG and importer of Rice Master, James Yin, indicated that CTCCG currently has about 70 members and new members are being verified to join soon to increase their numbers and ensure they are better positioned to serve the Ghanaian economy more efficiently.

“We have been doing business in Ghana for so many years because of the peaceful environment, and we seek to further broaden the scope of trade by entering in to new areas such as manufacturing of some products here in Ghana: such as production of simple goods like toothpick, shoes, electrical gadgets and some other processing factories.

“We needed more funds from the banks to be able to fulfil some of these projects because they are capital intensive, and we are glad that Access Bank came on board to assist us attain this goal by providing us with the funds,” he said.

Mr. Yin commenting on the illegal behaviour of some Chinese businessmen in Ghana, indicating the trade association is putting in place measure to train newly-arrived Chinese in the country who cannot speak English and are not enlightened on laws in the country.

Wenhai Zhang, Senior Banking Advisor-Chinese Desk, Access Bank Plc, after a presentation on key components of the agreement and channels of access to the funds, encouraged businesses to choose Access Bank as their financial partner; and once they meet the requirements, funds will be made available to them.

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“Looking at the manufacturing businesses that will be coming on board, for instance, those companies are going to create jobs and also make goods readily available on the market; which will also reduce imports and help minimise depreciation of the cedi,” he indicated.

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