West African country aiming to trade in national currencies with Russia
Ghana wants to use national currencies in its trade with Russia and could join the country’s Mir payment system, the chairman of the Ghana-Russia Business Development Council, Lawrence Awuku-Boateng, told TASS on Monday on the sidelines of the Yalta International Forum.
Negotiations are reportedly underway to introduce Mir cards in West Africa’s second most-populous nation.
“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,” Awuku-Boateng was quoted as saying.
Responding to a question about the use of Mir cards in Ghana, the head of the business council said: “We have asked the central bank of Ghana to open this window for us, but we are still negotiating.”
The Mir payment system, Russia’s alternative to Visa and Mastercard, was developed by Moscow in response to Western sanctions. Mir cards entered circulation in December 2015, and Russian banks have since issued more than 200 million of them.
Outside Russia, Mir cards are currently accepted in 10 countries, including the states of the Eurasian Economic Union (EAEU) and Cuba, which began accepting them in March. Some 15 other states have expressed interest in adopting Mir.
Trade turnover between Russia and African countries increased by 43.5% during the first eight months of 2023 compared to the same period a year ago. Russian Economy Minister Maksim Reshetnikov predicted this month that trade with the continent would double by 2030.
