Ghanaian importers trading with China can now make payments directly from their local cedi accounts under a new banking mechanism aimed at reducing the country’s reliance on the US dollar.
Stanbic Bank Ghana is piloting the settlement system, with Ghana Commercial Bank (GCB) expected to introduce a similar service shortly. The scheme allows businesses to settle invoices in Chinese yuan via China’s Cross-Border Interbank Payment System (CIPS), bypassing the traditional double-conversion route through the US dollar.
Speaking at the 132nd Monetary Policy Committee press briefing, the Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, confirmed the initiative as commercial ties between the two nations continue to expand.
“As a central bank, we’re doing a number of things. You might have heard about one of the banks. What’s the name? Stanbic,” Dr Asiama said. “They are piloting a programme whereby our exporters, our importers, no longer have to carry US dollars on them to go and pay for their imports. They can actually pay in Ghana Cedis right from here. And so, as we speak, if you want to buy anything from China, just go to Stanbic Bank with your Cedis.”
Under the process, Stanbic account holders selecting yuan payments can have orders processed for next-day settlement, provided complete supporting documentation is submitted by 2 p.m. GMT.
While the facility provides an alternative route for businesses regularly importing electronics, machinery, and textiles, central bank guidance stresses that dollar payments remain available. Actual cost savings will depend on individual bank terms and prevailing exchange rates.
The banking initiative coincides with broader trade efforts, including China’s zero-tariff policy for eligible African imports, which took effect on May 1, 2026.
By:Rainbowradioonline.com/Ghana