Ghana may switch to payments in national currencies in trade with Russia

Ghana and Russia may switch to national currencies in trade relations, reported TASS President of the Business Council Ghana – Russia Lawrence Awuku-Boateng.

“The Central Bank of Ghana is cooperating with the Central Bank of the Russian Federation, and we plan to conduct trade settlements in national currencies through a bank in China. This greatly simplifies the process,” he said at the Yalta International Forum.

Moscow and Accra are also negotiating the use of the Russian Mir payment system in the country. Awuku-Boateng clarified that Russia has already approached the Central Bank of Ghana with a “request to open this window.”

Against the background of sanctions, Russia began to move away from payments in dollars and increasingly use national currencies. In August, Russian President Vladimir Putin reportedthat the share of the ruble in payment for Russian exports has grown from 12 to 42% over 1.5 years. October 18, Finance Minister Anton Siluanov toldthat the share of settlements in national currencies between Russia and China exceeded 90%. According to him, the yuan is used to a greater extent, but the ruble takes an important share.

Mir cards are accepted in Belarus, Abkhazia, Armenia, Vietnam, Kazakhstan, Kyrgyzstan, etc. In July, Alla Bakina, Director of the National Payment System Department of the Bank of Russia toldthat in 2023 the regulator plans to introduce cards of the Mir payment system to five to six new countries. Speaking about the fears of countries due to secondary sanctions, Bakina noted that some states are worried about the threat of restrictions and are listening to sanctions. At the same time, there are countries that are ready to cooperate with Russia.