Frequently Asked Questions about Africa-China Trade
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AFRICA-CHINA TRADE SOLUTIONS
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BENEFITS
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HOW TO GET IT
What is Africa-China Trade Solutions (ACTS)?
ACTS are tailor-made offerings to solve for import, export and travel between Ghana and China.
Why ACTS?
In line with our key purpose of driving Africa’s growth, we seek to use our partnership with ICBC, China's biggest bank, to solve observed trade problems with China. This can give our clients a competitive edge over other players in their respective sectors.
How does ACTS work?
- We connect importers to Chinese suppliers, leveraging our strategic partnership with ICBC
- We cut through the complexities of trading with China with recommended supply chain partners
What are the benefits of ACTS?
- Clients don’t have to travel to China to do business
- Clients are not required to pay cash upfront
- Import processes can be underwritten by letters of credit supported by Stanbic Bank
- We connect our clients to reputable suppliers and buyers
Who is the Import Partner in China and what do they do?
ZheJiang International Trading Supply Chain – also known as Guomao.
Scope of Services
- Sourcing products from verified suppliers
- Negotiating price and payment terms
- Validating suppliers
- Quality check & assurance
- Handling shipping logistics and delivery to destination ❑ Clearing documents
- After-sale support
What is the cost of signing up for ACTS?
- ACTS is FREE! However you need to be a Stanbic Bank customer to enjoy these services.
- Regular transactional charges apply when an order is confirmed to initiate cross border payment
How do sign-up for ACTS?
- Open a business account with us and you can access ACTS.
- An existing customer can sign up immediately by speaking to your relationship manager
What currencies are used for ACTS payments?
- Payments can be made through Letter of Credit and Telegraphic transfers through US dollar, Euro, or Renminbi.
- There are some products that its cost base is in US dollars, suppliers will ask the payment to be made in US dollars.
What is the minimum value or order quantities for ACTS transactions?
- There is no minimum value required for the import solution
- Each product has different MOQ to meet according to factories’ production requirement