Stanbic Bank Ghana has launched a pilot program allowing businesses to pay Chinese suppliers directly in yuan from their existing cedi accounts. This move aims to ease dollar demand and facilitate trade between Ghana and China. The program was announced by Bank of Ghana Governor Dr. Johnson Pandit Asiama at the 132nd Monetary Policy Committee press briefing. The service utilizes China's Cross-Border Interbank Payment System (CIPS) to process cross-border payments in yuan.
Under the Stanbic scheme, eligible importers can select Chinese yuan as their payment currency and submit required documentation to initiate transfers. The customer pays in cedis, but the Chinese supplier receives funds in yuan, handled within the banking system rather than on the open forex market. Payments submitted with complete documentation by 2 pm GMT can be processed for settlement by the next business day, subject to regulatory and compliance checks.
The new payment channel offers a more direct route for businesses importing goods from China, bypassing the need to source US dollars. This is significant for traders operating during a time when dollar liquidity in the banking system is under pressure. Ghana Commercial Bank (GCB) is also working on a similar yuan settlement service, according to the Bank of Ghana Governor.
The yuan payment channel provides an alternative route for importers dealing with China, potentially reducing reliance on US dollars, which have become harder to access. However, the scheme is an additional payment option rather than a guaranteed cost-saving measure. The outcome depends on prevailing exchange rates, transaction fees, and specific terms offered by each bank.
The US dollar has not been removed from Ghana-China trade; dollar payments and other established international channels remain available alongside the new yuan route for eligible transactions. The Stanbic pilot operates within existing regulatory and compliance frameworks, meaning not every importer or transaction will automatically qualify.
GCB's version of the service has not yet launched, and no timeline has been disclosed for scaling up the Stanbic pilot or expanding it beyond current participants. The initiative coincides with China's zero-tariff policy for African countries with diplomatic ties to Beijing, which took effect on May 1, 2026, giving eligible African exports preferential access to the Chinese market.
The payment arrangement and tariff policy could complement each other as Ghanaian businesses look to deepen trade with China. However, growth in trade volumes will still depend on factors such as competitiveness, logistics, and access to financing. The Bank of Ghana and Stanbic Bank Ghana have not disclosed further details on the pilot's future expansion.
Key points
- Stanbic Bank Ghana's pilot program allows businesses to pay Chinese suppliers directly in yuan from their cedi accounts.
- The program aims to ease dollar demand and facilitate trade between Ghana and China.
- The initiative coincides with China's zero-tariff policy for African countries, potentially boosting Ghana-China trade.
