Bank of Ghana launches direct cedi payment scheme for Chinese imports, easing forex burden

Ghana's central bank has introduced a new payment arrangement designed to ease the foreign exchange pressures facing local businesses importing from China. Under the pilot scheme, companies can now settle payments to Chinese suppliers directly in Ghana cedis through Stanbic Bank Ghana, eliminating the need to first source US dollars—a significant shift in how bilateral trade is conducted.

Bank of Ghana Governor Dr Johnson Pandit Asiama announced the initiative at the 132nd Monetary Policy Committee press briefing, signalling the central bank's commitment to reducing the country's dollar dependency for trade with its largest source of imported goods. Ghana Commercial Bank is also preparing to launch a similar service, which could expand access across the banking sector.

How the new payment system works

The arrangement leverages China's Cross-Border Interbank Payment System (CIPS), a payments network specifically designed to facilitate cross-border transactions in Chinese yuan. Ghanaian importers holding accounts at Stanbic Bank can initiate payments in cedis, which are converted to yuan for settlement with Chinese suppliers, all without the business having to physically obtain dollars beforehand.

To use the service, importers must maintain an account with Stanbic Bank, designate Chinese yuan as the payment currency, and provide required supporting documentation. The bank processes eligible payments submitted by 2 p.m. GMT for settlement by the next business day, subject to regulatory and compliance approvals. The streamlined process could particularly benefit businesses regularly importing machinery, electronics, industrial inputs and textiles from China.

Why this matters for Ghana

Ghana faces persistent foreign exchange challenges, and the reliance on dollars for imports has constrained business cash flow and added transaction costs. This new channel addresses a genuine bottleneck in Ghana-China trade, which accounts for a substantial share of the country's import bill. By allowing cedi-to-yuan conversions at the banking level, the scheme reduces the number of foreign exchange conversions required, potentially lowering transaction costs and improving payment certainty.

However, the actual savings will vary based on exchange rates, individual bank fees and the specific terms of each transaction. The arrangement should be viewed as an additional payment option rather than a guarantee of lower costs. Importantly, it does not eliminate the use of dollars in Ghana-China trade—dollar payments and other international channels remain available alongside the new yuan route.

The initiative complements broader efforts to deepen Ghana-China economic ties. China's zero-tariff policy for eligible African exports, which took effect on 1 May 2026, creates opportunities for Ghanaian exporters to access the Chinese market more competitively. Combined with easier import payment mechanisms, these developments could stimulate two-way trade, though success will ultimately depend on improvements in product competitiveness, logistics infrastructure, standards compliance and access to business finance.

Stanbic Bank's pilot programme represents a pragmatic response to the operational realities of Ghana-China commerce, and the planned involvement of other banks suggests the central bank views this as a systemic priority rather than an isolated experiment.