Importers can now pay for Chinese goods in cedis – BoG Governor

Ghanaian companies importing Chinese goods can now settle payments in Ghanaian cedis, as per a new service being tested by Stanbic Bank Ghana. This move by the Bank of Ghana (BoG) aims to lessen the nation's reliance on the US dollar for bilateral trade with China. BoG Governor Dr Johnson Pandit Asiama announced the pilot program during a Monetary Policy Committee press briefing, highlighting that Ghana Commercial Bank (GCB) is also developing a similar service.

Importers can now directly pay Chinese suppliers in yuan without first converting ghanian cedis to US dollars, potentially easing one of the foreign exchange challenges associated with Chinese imports. Dr Asiama emphasized the central bank's focus on facilitating trade developments as China's ties with Ghana grow. The payment system employs China's Cross-Border Interbank Payment System (CIPS), allowing eligible customers to initiate yuan transactions from their existing Ghana cedi accounts.

Businesses must have an account with Stanbic Bank, select Chinese yuan as the payment currency, and submit the necessary documentation. Payments processed within the stipulated time frame can be settled the following business day. However, the yuan route doesn't eliminate the need for proper documentation and compliance. GCB's potential service expansion could offer businesses an additional payment option, although savings will depend on various factors.

The initiative aligns with Ghana and China's efforts to strengthen economic ties, with China's zero-tariff policy for African countries taking effect in May 2026.