Ghana’s industrial dream at risk? How the Yuan policy could deepen China dependence
Ghana's importers no longer have to hunt for US dollars to buy Chinese goods. Under a new Bank of Ghana policy, businesses can pay for goods from China directly in Chinese Yuan (RMB), and they can receive payments in Yuan too.
Ghana's industrial aspirations may be threatened by a new policy allowing trade with China in Chinese Yuan. While this could alleviate the strain of importing expensive goods, it also risks increasing the country's reliance on a single trading partner. In 2024, China was Ghana's top source of imports, accounting for 61.5% of the nation's total exports.
Over the past eight years, China has consistently held this position. The new payment rule enables businesses to pay Chinese suppliers directly in Yuan, potentially easing the demand for dollars. However, the trade data reveals a more complex picture. In 2024, Ghana's total imports amounted to $20.4 billion, with 48.2% of these goods coming from China.
This means nearly half of Ghana's foreign spending was directed to a single country. The situation becomes even more concerning when considering that Ghana already imports significantly more from China than it exports.
Written by urgent.news from Joy Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
