Ghanaian importers can now pay for Chinese goods using cedi-yuan transactions without dollars

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.

The arrangement offers businesses a more direct route to settle payments to Chinese suppliers in yuan without first having to source US dollars, potentially easing one of the foreign exchange hurdles associated with importing from China.

Businesses seeking to use the service must hold an account with Stanbic Bank Ghana, select Chinese yuan as the payment currency and submit the required supporting documents.