Importers can now pay for Chinese goods in cedis – 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.
Ghanaian businesses importing Chinese goods can now settle payments in Ghana cedis directly, thanks to a new banking service piloted by Stanbic Bank Ghana. This move aims to reduce the country's reliance on the US dollar for trade with China. Bank of Ghana Governor Dr Johnson Pandit Asiama revealed the initiative at a press briefing, stating that Ghana Commercial Bank (GCB) is also preparing a similar service.
The arrangement allows businesses to bypass the need for US dollars to pay for imports, instead using their Ghana cedis to pay suppliers in yuan. The Chinese supplier receives payment in yuan. To use the service, businesses must hold an account with Stanbic Bank Ghana, choose Chinese yuan as the payment currency, and submit required documents.
Transactions submitted with complete documentation by 2 p.m. GMT can be processed for settlement by the next business day. This payment route aims to simplify transactions between Ghanaian businesses and Chinese suppliers by reducing the need for multiple foreign exchange conversions. However, it doesn't eliminate the need for documentation, compliance, or other applicable payment requirements.
The new service complements Ghana's efforts to deepen economic ties with China, as both nations work to increase trade and improve market access.
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