Africa’s gold powerhouse bypasses US dollar to clear trade with China as Beijing unlocks zero-tariff access for 53 African nations
Bank of Ghana Governor Dr Johnson Pandit Asiama disclosed the development at the 132nd Monetary Policy Committee press briefing, saying Stanbic Bank Ghana is already piloting the payment arrangement.
“As we speak, if you want to buy anything from China, just go to Stanbic Bank with your cedis. You are able to do that,” Asiama said.
Ghana Commercial Bank (GCB) is also developing a similar arrangement, according to the governor, as the central bank seeks to facilitate payments between Ghanaian importers and Chinese suppliers without requiring businesses to first source US dollars.
The initiative is being supported by Stanbic’s access to China’s Cross-Border Interbank Payment System (CIPS), a payment network authorised by the People’s Bank of China for settling eligible cross-border transactions in Chinese yuan.
How Ghana’s cedi-to-yuan payment system works
Stanbic says businesses can initiate eligible yuan payments from their Ghana cedi accounts, meaning they do not necessarily need to maintain a yuan-denominated account. Customers select Chinese yuan as the payment currency and submit the required documentation.
Eligible payments submitted by 2:00 p.m. GMT can be processed for next-business-day settlement, subject to regulatory and compliance requirements.
Stanbic Bank Ghana CEO Kwamina Asomaning said CIPS provides a more direct payment route to Chinese counterparties, reducing the need for US correspondent or intermediary banks.
“With CIPS, businesses can access a more direct payment route to Chinese counterparties, reducing the need for US correspondent or intermediary banks,” Asomaning said.
The bank said payments between Ghana and China have traditionally passed through intermediary banks, including US correspondent banks, potentially increasing costs and processing times.
Stanbic’s CIPS service is therefore designed to allow eligible businesses to trade more directly in yuan, reducing the number of foreign-exchange conversions required for China-related transactions. CIPS does not replace SWIFT, with Stanbic continuing to use existing payment rails for transactions in currencies such as the dollar, euro and pound.
The development comes as Ghana seeks to deepen its economic relationship with China. Stanbic said China accounted for 22.3% of Ghana’s imports in 2024, while the Bank of Ghana has said it is also looking to engage Chinese counterparts on opportunities created by Beijing’s expanded zero-tariff policy for African countries.
From May 1, 2026, China extended zero-tariff treatment to all 53 African countries with which it has diplomatic relations, creating new opportunities for African exporters seeking access to the Chinese market.
For Ghanaian importers, however, the immediate benefit of the new payment arrangement is on the other side of the trade relationship: the ability to fund eligible Chinese yuan payments from cedi balances without first having to source US dollars.
The Bank of Ghana said it will continue working with relevant institutions to support the growing Ghana-China trade relationship, while GCB prepares to offer a similar payment option.
Source: Africabusinessinsider