Ghanaian businesses importing goods from China can now initiate eligible payments directly from their Ghana cedi accounts under a new banking arrangement being piloted by Stanbic Bank Ghana. The initiative forms part of efforts by the Bank of Ghana (BoG) to reduce the country’s dependence on the US dollar in bilateral trade. Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, disclosed the development at the 132nd Monetary Policy Committee press briefing, noting that Ghana Commercial Bank (GCB) was also preparing to introduce a similar service.
The arrangement allows businesses to settle payments to Chinese suppliers in yuan without first having to obtain US dollars. This could help ease some of the foreign exchange challenges faced by Ghanaian businesses importing from China. Responding to a question about Ghana-China bilateral trade, Dr Asiama said the central bank was closely monitoring developments in the payment system as commercial relations between the two countries continued to grow.
“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. “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,” he explained.
How the payment arrangement works
Stanbic Bank Ghana’s service leverages China’s Cross-Border Interbank Payment System (CIPS), a platform designed to facilitate international payments in Chinese yuan. Under the arrangement, eligible customers can make yuan-denominated payments directly from their existing Ghana cedi accounts, subject to the bank’s requirements and applicable regulations. The Chinese supplier then receives the payment in yuan.
To access the service, businesses must maintain an account with Stanbic Bank Ghana, select the Chinese yuan as the payment currency and provide the required supporting documents. According to the bank’s published guidelines, eligible transactions submitted with complete documentation by 2 p.m. GMT may be processed for settlement by the next business day, subject to regulatory and compliance checks.
The payment arrangement is designed to minimise the need for multiple foreign exchange conversions, potentially making transactions between Ghanaian importers and Chinese suppliers faster and more straightforward. However, businesses must still comply with all documentation, regulatory, compliance and other applicable payment requirements.
GCB prepares a similar service
The proposed participation of GCB could expand access to the arrangement if the bank introduces its own services, as stated by the Bank of Ghana (BoG) Governor. This initiative offers importers the chance to settle eligible invoices without first needing to acquire US dollars. Businesses that frequently purchase machinery, electronics, industrial inputs, textiles, and other goods from China could benefit from a more direct payment channel.
The actual savings will depend on various factors, including exchange rates, transaction fees, the nature of the payment, and the terms provided by individual banks. Therefore, this new arrangement should be viewed as an alternative payment option rather than a guarantee that every transaction will be cheaper. Additionally, it does not imply that the US dollar has been eliminated from Ghana-China trade. Dollar payments and other established international payment methods remain available, while the yuan route applies specifically to eligible transactions.
A wider push to deepen Ghana-China trade
The 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. The policy extends preferential zero-tariff treatment to eligible African exports entering the Chinese market, with the arrangements for countries that are not classified as least developed applying for an initial two-year period.
The measure could create opportunities to reach Chinese buyers, subject to the relevant product and customs requirements. The two developments could complement each other as businesses explore opportunities to increase exports and imports, although neither guarantees that trade will grow without improvements in competitiveness, logistics, product standards and access to finance.
