Ghanaian importers could soon find it easier to pay for goods from China under a new payment arrangement being piloted by Stanbic Bank Ghana with support from the Bank of Ghana (BoG).

This was confirmed by the Governor of the BoG, Dr Johnson Pandit Asiama, at the 132nd Monetary Policy Committee press briefing, saying Ghana Commercial Bank (GCB) was currently exploring a similar service.

Under the initiative, Ghanaian importers will be able to make direct payments from their cedi accounts without the hassle of using US dollars, which tend to put pressure on forex.

The arrangement is also expected to ease foreign exchange pressures and simplify cross-border trade between Ghana and China.

Given the current increase in trade between both countries, the BoG Governor cited the government’s commitment to ensuring the success of the initiative

“As a central bank, we’re doing several things. You might have heard about one of the banks. What’s the name? Stanbic.

“They are piloting a programme whereby our exporters, our importers, no longer have to carry US dollars on them to go and pay for their imports. They can actually pay in Ghana Cedis right from here. And so, as we speak, if you want to buy anything from China, just go to Stanbic Bank with your Cedis,” he explained.

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.

Under the arrangement, eligible customers can initiate yuan payments from their existing Ghana cedi accounts, subject to the bank’s requirements and applicable regulations. The Chinese supplier receives payment in yuan.

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.

The bank says it may settle payments submitted with all required documents before 2 p.m. GMT by the following business day, provided they meet the necessary regulatory and compliance checks.

The arrangement is expected to simplify payments between Ghanaian businesses and suppliers in China by reducing the number of foreign exchange conversions involved. However, businesses will still be required to provide the necessary documentation and comply with all applicable regulatory and payment requirements.

A wider push to deepen Ghana-China trade

The latest measures form part of efforts by Ghana and China to deepen trade and create more opportunities for businesses in both markets.

Under China’s zero-tariff policy for African countries with which it maintains diplomatic relations, eligible products from African exporters have been able to enter the Chinese market without tariffs since May 1, 2026. For African countries that are not classified as least developed countries, the preferential arrangement will initially run for two years.

For Ghanaian businesses, the policy could provide an opportunity to expand their presence in China and access new buyers, provided their products meet the required customs and market-entry conditions.

Together, the developments could support businesses looking to expand cross-border trade. However, increased market access alone may not be enough to drive higher trade volumes, as businesses will also need to address issues including competitiveness, logistics, product quality and access to financing.