Leadership (Abuja)
Mojeed Jamiu
22 October 2009
Lagos — The Managing Director/ Chief Executive Officer of UBA Ghana, Mr. Gabriel Edgal has decried the use of foreign currency in facilitating trade across four sister countries in the West African sub-region.
Edgal, who spoke in Ghana at the just concluded business summit between Nigeria , Benin Republic, Ghana and Togo, said the resort to the use of foreign currencies especially the United States dollars for settlement of transactions is putting much pressure on the foreign reserves of governments in the sub-region.
According to him, "There is need to adopt a more effective electronic payment channels," adding that UBA as the leading financial services provider in the region, has created several platforms, including cards to facilitate payments and collections in easy and convenient manners.
The three-day business summit organised by Vintage Visions and sponsored by UBA, brought together notable public sector players and captains of industry from the participating countries. The objective of the summit is to facilitate the improvement of trade relations among the nations, and provide an enabling environment for businesses to thrive and flourish.
In his keynote address, former Nigerian Head of State, Dr. Ernest Shonekan, dwelt essentially on the need to establish a proper framework for a friendly business environment and appreciable economic integration among the four countries.
In other highlights of the conference, participants agreed on the establishment of a Chamber of commerce comprising of companies and businessmen in the countries. The Chamber of Commerce would provide mutually beneficial networking opportunities and a framework for collaboration.
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