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, as the Bank of Ghana (BoG) seeks to reduce the country’s reliance on the US dollar for bilateral trade.
Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, disclosed the initiative at the 132nd Monetary Policy Committee press briefing, saying Ghana Commercial Bank (GCB) was also preparing a similar service.
The arrangement offers businesses a more direct route to settle payments to Chinese suppliers in yuan without first having to source US dollars, potentially easing one of the foreign exchange hurdles associated with importing from China.
“Just Go to Stanbic Bank with Your Cedis”
Responding to a question about bilateral trade with China, Dr. Asiama said the central bank was taking developments in the payment system seriously as commercial ties between the two countries expanded.
“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,” he 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,” he explained.
How the Payment Arrangement Works
Stanbic’s service uses China’s Cross-Border Interbank Payment System (CIPS), a network designed to facilitate cross-border payments in Chinese yuan. CIPS, launched in 2015 by the People’s Bank of China, serves as an alternative to the US-dominated SWIFT system and is part of China’s broader push to internationalise the yuan.
Under the arrangement, 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.
Businesses seeking to use the service must hold an account with Stanbic Bank Ghana, select Chinese yuan as the payment currency and submit the required supporting documents.
According to the bank’s published guidance, 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.
The payment route is intended to reduce the need for multiple foreign exchange conversions and make transactions between Ghanaian businesses and Chinese suppliers more straightforward. It does not, however, remove the need to meet documentation, compliance and other applicable payment requirements.
GCB Prepares Similar Service
The planned participation of GCB could broaden access to the arrangement if the bank introduces its own service as indicated by the BoG Governor.
It presents importers with the immediate possibility of settling eligible invoices without first obtaining US dollars. Businesses that regularly purchase machinery, electronics, industrial inputs, textiles and other merchandise from China could benefit from a more direct payment channel.
The actual savings will depend on exchange rates, transaction fees, the nature of the payment and the terms offered by individual banks.
The new arrangement should therefore be seen as an alternative payment route, rather than a guarantee that every transaction will be cheaper.
It also does not mean that the US dollar has been removed from Ghana-China trade. Dollar payments and other established international payment channels remain available, while the yuan route applies to eligible transactions.
Background: Ghana’s Foreign Exchange Challenges
Ghana has long grappled with foreign exchange pressures, with the cedi experiencing significant depreciation against major currencies in recent years. The demand for US dollars to pay for imports — including goods from China, Ghana’s largest import partner — has been a persistent source of pressure on the local currency.
China is one of Ghana’s most important trading partners, supplying a wide range of goods including machinery, electronics, textiles, building materials and consumer products. Ghana, in turn, exports gold, cocoa, oil and other commodities to China.
The reliance on the US dollar for settling trade between the two countries has meant that Ghanaian importers must first acquire dollars before making payments, adding cost and complexity to transactions. The new yuan payment arrangement aims to bypass this step for 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.
De-dollarisation and Africa’s Trade Future
The move reflects a broader trend across Africa and the developing world toward reducing reliance on the US dollar in international trade. Several African countries have explored local currency settlement arrangements and alternative payment systems to lower transaction costs and reduce exposure to dollar volatility.
China has actively promoted the use of the yuan in trade with African countries, signing currency swap agreements and encouraging the use of CIPS. For Ghana, the arrangement with Stanbic represents a practical step toward diversifying payment options and potentially easing pressure on the cedi.
However, analysts caution that the impact will depend on the scale of adoption, the willingness of Chinese suppliers to accept yuan, and the overall competitiveness of the arrangement compared to established dollar-based channels.
What It Means for Businesses
For Ghanaian importers, the new arrangement offers:
· Direct payment in cedis: No need to first source US dollars
· Faster settlement: Eligible payments can be processed by the next business day
· Reduced conversion costs: Fewer foreign exchange conversions
· Access to Chinese suppliers: Pay in yuan directly to suppliers
Businesses interested in using the service should contact Stanbic Bank Ghana for details on eligibility, documentation requirements and applicable terms.
As Ghana deepens its economic ties with China and seeks to manage foreign exchange challenges, the yuan payment pilot represents a significant development in the country’s trade and financial architecture. Its success could pave the way for broader adoption and similar arrangements with other trading partners.
