Standard Bank to help connect African businesses with Chinese suppliers

Dr Manessah Alagbaoso, Head of Africa-China Integration, Standard Bank, speaking at the launch of ACAP

Importers can now have access to goods from suppliers in China as Standard bank contributes to deepening the Ghana-China trade relationship. 

This is to ease the cash flow of African importers by providing access to financing and control of the importing and logistics process.

Standard Bank has leveraged its partnership with the Industrial and Commercial Bank of China (ICBC) and Zhejiang International Trading Supply China CO.Ltd (Guomao) to connect African Importers to Ghana with trade agents in China.

The partnership dubbed: African China Agent Proposition (ACAP) – which is aimed at assisting African importers to source and validate quality goods from competitive suppliers in China

Speaking at the launch of the African China Agent Proposition (ACAP) in Accra, Dr Manessah Alagbaoso, the Head of Africa-China Integration, Standard Bank said Ghana and China can benefit from this partnership to eliminate barriers that do not facilitate smooth negotiation agreement between the two countries to improve business.

“The offer will place Africa importers in much stronger negotiation position when it comes to price, quality, and efficiency of importing Chinese goods. It is also a foundation of long-term, mutually beneficial and sustainable trade relationships” he said.

Dr Alagbaoso added that the ACAP will help Chinese suppliers secure an ICBC-unwritten letter of credit which will enable African importers to receive goods before payment.

According to the Chief Executive of Stanbic Bank, Alhassan Andani, this partnership will facilitate the ease in doing business between Ghana and China.     

“This partnership will bring the people of Ghana and China closer as an opportunity to unlock the untapped potentials between the two countries. Deepening Ghana-Sino contacts will undoubtedly deliver even more benefits to the economy’ Andani” said.

In other to make business easy and accessible, (Guomao), a trade agent in China will aid African importers to navigate China’s foreign trade supply chain and tread seamlessly through standard Bank.

This partnership will also be launched in Nigeria and South Africa with other markets in Standard Bank’s African footprint to follow before the end of 2019.

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