Ghana’s Gold Powerhouse Ditches Dollar in China Trade Deal

October 6, 2026

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China Opens Zero-Tariff Door to 53 African Nations as Ghana Ditches Dollar

Bank of Ghana Governor Dr Johnson Pandit Asiama has disclosed that Ghanaian businesses importing from China can now initiate eligible payments from their Ghana cedi accounts, with Chinese suppliers receiving payment in yuan.

The arrangement is being piloted by Stanbic Bank Ghana as the Bank of Ghana seeks to make China trade payments more direct and reduce the need for businesses to first source US dollars.

Ghanaian Importers Can Pay China Suppliers in Yuan

Speaking at the 132nd Monetary Policy Committee press briefing, Asiama said Stanbic Bank Ghana is already piloting the payment arrangement.

“As we speak, if you want to buy anything from China, just go to Stanbic Bank with your cedis. You can do that,” Asiama said.

Ghana Commercial Bank (GCB) is also developing a similar arrangement, according to the governor.

The initiative allows eligible Ghanaian importers to make yuan payments from their cedi accounts without necessarily maintaining a yuan-denominated account.

How Ghana’s Cedi-to-Yuan Payment System Works

Stanbic’s arrangement is supported by access to China’s Cross-Border Interbank Payment System (CIPS), a payment network used for eligible cross-border transactions in Chinese yuan.

Businesses can select Chinese yuan as the payment currency and submit the required documentation. Eligible payments submitted by 2:00 p.m. GMT can be processed for next-business-day settlement, subject to regulatory and compliance requirements.

Stanbic Bank Ghana CEO Kwamina Asomaning said CIPS provides a more direct payment route to Chinese counterparties, reducing the need for US correspondent or intermediary banks.

“With CIPS, businesses can access a more direct payment route to Chinese counterparties, reducing the need for US correspondent or intermediary banks,” Asomaning said.

Ghana Seeks to Reduce Reliance on the US Dollar

Payments between Ghana and China have traditionally passed through intermediary banks, including US correspondent banks, potentially increasing costs and processing times.

The new arrangement is designed to allow eligible businesses to trade more directly in yuan while reducing the number of foreign-exchange conversions required for China-related transactions.

CIPS does not replace SWIFT. Stanbic will continue using existing payment channels for transactions in currencies such as the dollar, euro and pound.

China Remains a Major Ghana Trade Partner

The development comes as Ghana seeks to deepen its economic relationship with China.

Stanbic said China accounted for 22.3% of Ghana’s imports in 2024. Ghana is also looking to benefit from China’s expanded zero-tariff policy for African countries.

From May 1, 2026, China expanded zero-tariff treatment to all 53 African countries with which it has diplomatic relations, creating greater opportunities for African exporters seeking access to the Chinese market.

For Ghanaian importers, however, the immediate benefit of the new payment arrangement is on the other side of the trade relationship: eligible Chinese yuan payments can be funded from cedi balances without first having to source US dollars.

The Bank of Ghana said it will continue working with relevant institutions to support the growing Ghana-China trade relationship, while GCB prepares to offer a similar payment option.