“The Ghanaian market deals immensely in importation and has most of the country’s goods priced in foreign currency and not the local currency. This makes the demand for the foreign currency high, following the Bank of Ghana withdrawing their Foreign Exchange support to banks and other financial institutions to fund the importation of some goods like rice, vegetable oil and the like. This increases the room of opportunities for DKK to strive and reflects a promising and profitable future for DKK in Ghana.”
DKK Partners has opened a Ghana operation to serve as a hub for the booming African market as the firm expands access to emerging markets (EM) and foreign exchange (FX) liquidity.
The new Ghana office will be led by entrepreneur Sam Nti, who joins as director, and will include an additional four full time staff. The new operation will be based in The Atlantic Tower building at Airport City, in Ghana’s capital, Accra.
DKK Partners’ Ghana operation has already completed KYC (know your customer) verification for over 50 per cent of its customer base which includes market leading companies and banks.
DKK Partners’ Ghana operation to commence in Q1 2023
The local entity expects to begin formally trading in the first quarter of 2023 and will continue to onboard key importers with a high demand for FX, following the Bank of Ghana withdrawal of FX support in certain industries.
DKK was founded in 2020 by Dominic Duru and Khalid Talukder, a veteran executive with prior experience at UBS, Citi & Deutsche Bank, and Dominic Duru of RBS and Citi. The emerging markets (EM) FX liquidity provider has reported revenues in excess of £60 million.
The firm offers virtual IBAN accounts, allowing customers to unlock access to new territories and currencies, as well as EM liquidity, giving direct access to real-time pricing and execution across frontier, emerging and G10 market currencies.
Sam Nti, director at DKK Partners said, “I’m excited to be joining such an ambitious and forward-looking company which combines FX expertise with actual on the ground presence. The Ghanaian market deals immensely in importation and has most of the country’s goods priced in foreign currency and not the local currency. This makes the demand for the foreign currency high, following the Bank of Ghana withdrawing their Foreign Exchange support to banks and other financial institutions to fund the importation of some goods like rice, vegetable oil and the like. This increases the room of opportunities for DKK to strive and reflects a promising and profitable future for DKK in Ghana.”
Dominic Duru, Co-founder of DKK Partners, commented: “We’re thrilled to welcome Sam to the team to lead our Ghana operation. He brings with him extensive business experience, local market knowledge and skills to further expand our business at a time when FX services are in high demand.”
DKK focuses on three key areas: FX risk management, FX liquidity, and local collections.
Read More:DKK Partners appoints Ghana-based Sam Nti to spread EM FX liquidity across Africa
2022-12-13 08:15:50
