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

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.

How the payment arrangement works Stanbic’s service uses China’s Cross-Border Interbank Payment System (CIPS), a network designed to facilitate cross-border payments in Chinese yuan.