Ghanaian importers can now pay for Chinese goods without dollars – BoG Governor
Ghanaian businesses importing goods from China can initiate eligible payments 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.
The Bank of Ghana (BoG) Governor, Dr Johnson Pandit Asiama, announced that Ghanaian importers can now pay for goods from China directly in their local currency, Ghana cedis, without the need for US dollars. This pilot program, initiated by Stanbic Bank Ghana, aims to reduce the country's dependence on the dollar for bilateral trade.
The system utilizes China's Cross-Border Interbank Payment System (CIPS) to facilitate cross-border payments in yuan. Businesses can make yuan payments using their existing Ghana cedi accounts, subject to bank requirements and regulations. The transaction settles in yuan, while the supplier receives payment in yuan, not Ghana cedis.
To use the service, businesses must have an account with Stanbic Bank Ghana and submit supporting documents. The arrangement seeks to streamline transactions between Ghanaian businesses and Chinese suppliers, but does not eliminate the need for documentation and compliance requirements. GCB is also preparing a similar service, potentially broadening access to the arrangement.
The initiative aligns with Ghana and China's efforts to expand economic ties, following China's zero-tariff initiative for African countries.
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