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Ghana Will Allow Trading in Chinese Yuan This Year

Ghana will allow banks to quote yuan rates and sell the Chinese currency this year as more businesses in West Africa’s second-biggest economy trade with the Asian nation.

“Many more people are traveling to China to do business and we think we should make life a bit easier for them,” Bank of Ghana Governor Kofi Wampah said by phone today from the capital, Accra. “It will also ease pressure on the cedi as this will decrease the demand for dollars.”