How Ghanaian importers can pay Chinese suppliers in cedis without using US dollars

Ghanaian businesses importing goods from China can now make payments to Chinese suppliers from Ghana without first converting their money into US dollars, under a payment service being piloted by Stanbic Bank.

The service allows customers to pay in Ghana cedis while the payment is made to the supplier in Chinese yuan.

According to Stanbic Bank, its Cross-Border Interbank Payment System (CIPS), service is designed for businesses that need to make direct Chinese yuan payments from Ghana.