Ghanaian exporters are calling for more Nigerian banks to open up in other West African countries in order to facilitate speedier letter of credit (L/C)-based export business transactions.

One advocate of this course of action is Adu Adjei, the marketing manager of one of Ghana's largest companies, the aluminium processor Aluworks.

L/C delays

Speaking at the Lagos International trade fair, Adjei said that the absence of Nigerian banks in the region had slowed down the pace of opening L/Cs.

He said that most of Nigerian banks, with the exception of ECOBANK and a few others, had to channel their L/Cs via correspondent banks in either Europe or America, thus delaying transactions.

Customer service

Adjei said Ghanaian exporters welcomed the presence of Nigerian banks such as Guarantee Trust Bank, Zenith Bank and Intercontinental Bank in Ghana but told local media, "it would be easier for Nigerian buyers to channel their L/Cs through the respective banks."

Aluworks, which produces semi-processed aluminium coil, flat sheets and aluminium discs, has 20 large customers in Nigeria.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.