The Agbogbomefia of the Asogli State, Togbe Afede XIV has signed a landmark Memorandum of Understanding (MoU) with the Guangdong-Hong Kong-Macau Bay Area Chamber of Commerce to facilitate the entry of a major Chinese bank into the Ghanaian market.
The agreement, according to a myjoyonline.com report, aims to deepen economic ties between Ghana and China’s Bay Area economic zone while expanding access to capital for infrastructure projects, small and medium-sized enterprises (SMEs), agribusiness, and industry.
The bank is expected to introduce advanced foreign exchange risk management tools and pioneer digital currency exchange platforms in Ghana, enabling faster, secure, and more efficient cross-border transactions.
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It will also provide modern digital banking solutions to enhance financial inclusion and improve payment systems.
The report noted that the bank’s entry will likely reduce financing costs, attract foreign direct investment, create skilled jobs, and boost the competitiveness of domestic businesses.
This initiative marks another significant economic intervention by Togbe Afede XIV, following his first visit to China back in 2005.
MA
