Today, experts from various sectors are convening at the Labadi Beach Hotel in Accra for the Graphic Business/Stanbic Bank Breakfast Meeting. The event aims to examine the challenges businesses face when moving goods and money across borders. The meeting's theme, "Moving Money. Moving Trade. Moving Ghana: Making it easier to sell, buy and pay across borders," sets the tone for discussions on enhancing cross-border trade.
The forum brings together 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. Key panellists include Musah Abdallah, Head of Corporate and Investment Banking at Stanbic Bank Ghana; Dr Paa Kwesi Eduaful Abaidoo, Sustainability Manager of Miniplast Limited; and Dr Nana Kwesi Amoako, Sales Director, Business to Business West Africa, Kasapreko PLC.
Discussions will focus on foreign exchange requirements, international payment systems, anti-money laundering measures, regulatory differences, and compliance requirements affecting businesses engaged in cross-border trade. Participants will also examine how differences in regulatory regimes and payment requirements across countries impact transaction costs and speed.
The meeting provides 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 challenges. Chidinma Braye-Yankee, Head of Marketing and Brands at Stanbic Bank, emphasized that modern payment infrastructure can reduce transaction costs, improve payment speeds, and create new opportunities for businesses.
Franklin Sowa, Director of Marketing and Sales at the Graphic Communications Group Limited (GCGL), highlighted the importance of bringing together stakeholders with practical experience in cross-border trade and policy. He noted that differences in national policies and economic priorities create additional challenges for businesses operating across borders, making dialogue among stakeholders necessary.
The partnership between GCGL and Stanbic Bank aims to facilitate a platform for policymakers, regulators, business leaders, and industry experts to discuss major issues affecting the business environment. The goal is to generate ideas that can inform policy and business practice. A communique is expected to be issued after the meeting, serving as a reference for future policy discussions on cross-border trade and payments.
The outcome of the meeting is expected to provide valuable insights for Ghanaian businesses and policymakers, helping to chart a more sustainable and efficient approach to cross-border trade. By addressing the barriers to cross-border trade, Ghanaian businesses can expand their trading relationships across Africa, and the country can reap the benefits of increased trade and economic growth.
Key points
- The Graphic Business/Stanbic Bank Breakfast Meeting brings together stakeholders to discuss cross-border trade challenges and explore solutions for easier, safer, and more efficient transactions.
- The meeting focuses on foreign exchange requirements, international payment systems, and regulatory differences affecting businesses engaged in cross-border trade.
- The partnership between GCGL and Stanbic Bank aims to facilitate dialogue among stakeholders and generate ideas that can inform policy and business practice.
