Should Ghana explore the option of Cedis payment in international trade?
It is increasingly becoming popular for developing economies to entertain the idea of trading in their domestic currencies rather than the US dollar, and some countries have boldly taken practical steps to make this a reality. A growing number of third world countries are seriously considering the possibilities of reducing their dependency on the US dollar in international trade thus, limiting the avenues the US will have in terms of placing sanctions on them. The subtle change in payment mechanism by countries in global trade has been stimulated in recent times by the response of the collective West to the so-called Russian aggression in Ukraine. Due to the overreliance on the US dollar and euro in international trade settlements, the West have been somewhat successfully in blocking Russia's international transactions denominated in US dollars and Euros, subsequently making it difficult for the country to fully participate in international trade activities. The hegemony of the U...
