West African nation targets trading in national currency with Russia
Date
10/24/2023 9:40:46 AM
(MENAFN) Ghana is actively exploring the possibility of conducting trade with Russia using their respective national currencies, with potential plans to integrate into Russia's Mir payment system. This initiative was revealed by Lawrence Awuku-Boateng, the chairman of the Ghana-Russia Business Development Council, during discussions at the Yalta International Forum.
Negotiations are currently in progress to introduce Mir cards, the Russian alternative to Visa and Mastercard, in Ghana. According to Awuku-Boateng, both the central bank of Ghana and its Russian counterpart are collaborating to facilitate trade settlements using their national currencies through a designated bank in China. This approach is anticipated to streamline the trading process significantly.
Awuku-Boateng also shared insights on the discussions surrounding the potential use of Mir cards within Ghana. While the Ghanaian council has expressed interest in adopting this payment system, they are presently engaged in negotiations with the central bank of Ghana to facilitate its implementation.
Developed by Moscow in response to Western sanctions, the Mir payment system introduced Mir cards to circulation in December 2015. Since then, Russian banks have issued over 200 million of these cards. Currently, Mir cards are accepted in 10 countries, including member states of the Eurasian Economic Union (EAEU) and Cuba, which started accepting them earlier this year. Approximately 15 other nations have shown interest in adopting the Mir system.
Trade activity between Russia and African countries witnessed a notable surge, marking a 43.5 percent increase in the first eight months of 2023 in comparison to the corresponding period in the preceding year. Russian Economy Minister Maksim Reshetnikov has projected that trade volumes with the continent could double by the year 2030. These developments signify a growing interest and potential for enhanced economic cooperation between Russia and various African nations, including Ghana.
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