Experts from the banking, government, trade, fintech and diplomatic sectors are coming together to examine the barriers businesses are facing when moving goods and money across borders at the Graphic Business/Stanbic Bank Breakfast Meeting.
The meeting is taking place today at the Labadi Beach Hotel in Accra and is focusing on measures to make cross-border trade easier, safer and more efficient for Ghanaian businesses.
The forum is being organised around the theme, “Moving Money. Moving Trade. Moving Ghana: Making it easier to sell, buy and pay across borders.”
Payment systems
The discussions are examining foreign exchange requirements, international payment systems, anti-money laundering measures, regulatory differences and compliance requirements affecting businesses engaged in cross-border trade.
The forum is assembling stakeholders from the banking sector, the Ministry of Trade, the Association of Ghana Industries (AGI), the Ghana Union of Traders Association (GUTA) and fintech companies.
The panellists for the meeting are the Head of Corporate and Investment Banking at Stanbic Bank Ghana, Musah Abdallah; the Sustainability Manager of Miniplast Limited, Dr Paa Kwesi Eduaful Abaidoo; and the Sales Director, Business to Business West Africa, Kasapreko PLC, Dr Nana Kwesi Amoako.
The meeting is also providing a platform for businesses engaged in cross-border services, chambers of commerce representing major trading countries, ambassadors and high commissioners to share their experiences and discuss the challenges affecting cross-border trade.
Business costs
Participants will examine how differences in regulatory regimes and payment requirements across countries affect the cost and speed of transactions for businesses.
The discussions will consider the need for payment infrastructure that can support importers, exporters, small and medium-sized enterprises and large corporations as Ghanaian businesses expand their trading relationships across Africa.
The Head of Marketing and Brands at Stanbic Bank, Chidinma Braye-Yankee, said modern payment infrastructure could reduce transaction costs, improve payment speeds and create new opportunities for businesses.
“Businesses need payment systems that are fast, efficient, secure and trusted. That is essential if digital payments are to support sustained growth in trade,” she said.
Policy action
The Director of Marketing and Sales at the Graphic Communications Group Limited (GCGL), Franklin Sowa, said the meeting would bring together stakeholders with practical experience in cross-border trade and policy.
“This conversation is bringing together people who trade across borders, people who work on policy and people who understand best practices.
They are providing practical insights that can help businesses and policymakers chart a more sustainable and efficient approach to cross-border trade,” he said.
Mr Sowa said differences in national policies and economic priorities were creating additional challenges for businesses operating across borders, making dialogue among stakeholders necessary.
He said the partnership between GCGL and Stanbic Bank was facilitating a platform for policymakers, regulators, business leaders and industry experts to discuss major issues affecting the business environment.
“We are setting the business agenda by bringing the right people together to discuss issues affecting businesses.
We want these discussions to generate ideas that can inform policy and business practice,” he said.
A communique is expected to be issued to relevant stakeholders after the meeting and is expected to serve as a reference for future policy discussions on cross-border trade and payments.