Stanbic Bank Boosts Trade Ties Between Ghanaian And Chinese Businesses At Expo | Business News

Stanbic Bank Ghana has facilitated the participation of Ghanaian businesses at the 6th China International Import Expo (CIIE) in Shanghai, China. The event, which took place from 5th to 10th November 2023 saw two Ghanaian businesses participate in matchmaking sessions.

Speaking on the significance of the participation of Ghanaian businesses in the expo, Head of Africa-China Trade Banking at Stanbic Bank, Aurelia Baaba Ofori Odame, the bank is committed to providing access to markets for its clients and thus believes that the Chinese market presents a unique opportunity for Ghanaian businesses.  

She said “At Stanbic Bank, we are dedicated to fulfilling our promise of being more than just a bank. Our commitment extends beyond traditional banking services to creating new opportunities and fostering growth for our valued export clients and prospective partners. By innovatively expanding access to alternative markets, we empower businesses to reach untapped prospects and unlock their full potential. Through strategic initiatives and approaches, we strive to be a catalyst for success, enabling our clients to thrive and that is why we found it critical to facilitate the participation of our clients at this expo.”

Aurelia Baaba Ofori Odame further explained the role of the bank in facilitating the expo saying “What we are doing here is to facilitate connections between Ghanaian businesses and ready Chinese buyers through matchmaking, and offer support in navigating the regulatory landscape in China. For those who need to overcome language barriers, we provide access to staff who are proficient in both English and Mandarin and this makes it easier for businesses from the two countries to do business. Beyond this, we collaborate with our partners to provide assistance with marketing and distribution in China, enabling clients to reach a broader consumer base and scale their businesses. 

The CIIE is a trade expo hosted by the Ministry of commerce of the People’s Republic of China and the Shanghai Municipal Peoples Government. The event is a major initiative of the Chinese government to firmly support trade liberalization and economic globalization and open the market to the world and has been held annually since 2018. With over 1.4 billion population China is the largest economy in the world as well as the second-largest economy, importer, and consumer. In the next five years, China expects to import products and services valued at more than 10 trillion U.S. dollars, which provides a historic opportunity for Ghanaian enterprises to enter the huge Chinese market. The trade expo, therefore, is an avenue for Ghanaian businesses to showcase their products to ready Chinese buyers.