The Bank of Ghana has introduced a new payment system that allows Ghanaian importers to pay for Chinese goods in cedis, reducing the country's reliance on the US dollar for bilateral trade. This initiative is being piloted by Stanbic Bank Ghana, with Ghana Commercial Bank also preparing a similar service. The arrangement uses China's Cross-Border Interbank Payment System, facilitating cross-border payments in Chinese yuan.
The new payment system offers businesses a more direct route to settle payments to Chinese suppliers in yuan without first having to source US dollars. Eligible customers can initiate yuan payments from their existing Ghana cedi accounts, subject to the bank's requirements and applicable regulations. The Chinese supplier receives payment in yuan, easing one of the foreign exchange hurdles associated with importing from China.
To use the service, businesses must hold an account with Stanbic Bank Ghana, select Chinese yuan as the payment currency, and submit the required supporting documents. Eligible payments submitted with complete documentation by 2 p.m. GMT can be processed for settlement by the next business day, subject to regulatory and compliance requirements. This payment route is intended to reduce the need for multiple foreign exchange conversions.
The planned participation of Ghana Commercial Bank could broaden access to the arrangement, presenting importers with the immediate possibility of settling eligible invoices without first obtaining US dollars. Businesses that regularly purchase machinery, electronics, and industrial inputs from China could benefit from a more direct payment channel. The actual savings will depend on exchange rates, transaction fees, and the terms offered by individual banks.
The new arrangement is an alternative payment route, rather than a guarantee that every transaction will be cheaper. It does not mean that the US dollar has been removed from Ghana-China trade, as dollar payments and other established international payment channels remain available. The yuan route applies to eligible transactions, and businesses must meet documentation, compliance, and other applicable payment requirements.
This initiative comes as Ghana and China seek to expand economic ties and improve access to each other's markets. China's zero-tariff initiative for African countries with which it has diplomatic relations took effect on May 1, 2026, extending preferential zero-tariff treatment to eligible African exports entering the Chinese market. This measure could create opportunities for Ghanaian businesses to reach Chinese buyers.
The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, disclosed the initiative at the 132nd Monetary Policy Committee press briefing, saying that the central bank is taking developments in the payment system seriously as commercial ties between the two countries expand. The new arrangement could complement Ghana's efforts to increase exports and imports, although improvements in competitiveness, logistics, and access to finance are also necessary.
Key points
- The Bank of Ghana has introduced a new payment system allowing Ghanaian importers to pay for Chinese goods in cedis.
- The initiative is being piloted by Stanbic Bank Ghana, with Ghana Commercial Bank preparing a similar service.
- The new arrangement aims to reduce the country's reliance on the US dollar for bilateral trade with China.
