The Bank of Ghana (BoG) is pushing for greater use of the Chinese yuan in Ghana-China trade as part of efforts to reduce the country’s reliance on the US dollar for international payments.
The initiative is currently being piloted by Stanbic Bank Ghana, allowing eligible businesses to initiate payments to Chinese suppliers directly from their Ghana cedi accounts.
Governor of the BoG, Dr Johnson Pandit Asiama, disclosed the development at the 132nd Monetary Policy Committee press briefing, noting that Ghana Commercial Bank (GCB) was also preparing to introduce a similar service.
Under the arrangement, Ghanaian importers do not need to first obtain US dollars before settling eligible transactions with suppliers in China. Instead, payments can be initiated in Ghana cedis and settled in Chinese yuan through the participating bank.
Dr Asiama said the development formed part of the central bank’s broader efforts to strengthen payment systems as Ghana’s commercial relationship with China expands.
“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.
He explained that the pilot would allow businesses importing from China to make payments using cedis rather than having to source US dollars before completing their transactions.
Yuan payment route
Stanbic’s arrangement uses China’s Cross-Border Interbank Payment System (CIPS), which facilitates cross-border payments denominated in yuan.
Eligible customers with Stanbic Bank Ghana accounts can initiate yuan payments from their cedi accounts, subject to the bank’s documentation, regulatory and compliance requirements.
The service could reduce the number of foreign exchange conversions required for some transactions and provide importers with an alternative to conventional dollar-based payment channels.
Businesses using the facility are required to provide supporting documentation and select the Chinese yuan as the payment currency.
Transactions submitted with complete documentation by 2 p.m. GMT can, according to the bank’s guidance, be processed for settlement by the next business day, subject to applicable requirements.
However, the arrangement does not eliminate foreign exchange costs or guarantee cheaper transactions, as the final cost will depend on exchange rates, fees and the terms offered by the bank.
GCB prepares to join payment initiative
The expected rollout of a similar service by GCB could expand access to cedi-to-yuan payments beyond Stanbic’s pilot.
For businesses that regularly import machinery, electronics, textiles, industrial inputs and other goods from China, the alternative payment route could simplify settlement by reducing the need to source dollars before paying suppliers.
The development also comes against the backdrop of efforts by Ghana and China to deepen bilateral trade and create greater opportunities for businesses on both sides.
China’s zero-tariff initiative for eligible African countries with diplomatic relations with Beijing took effect on May 1, 2026, potentially creating additional opportunities for African exporters seeking access to the Chinese market.
For Ghanaian businesses, the combination of improved payment channels and preferential market access could support increased participation in Ghana-China trade, although the impact will also depend on factors such as competitiveness, logistics, product standards and access to finance.
The yuan payment initiative therefore represents an alternative to existing dollar-based channels rather than a replacement for the US dollar, which remains available for international trade transactions.
