By Hadiza Abdulkadir
Ghana has introduced a cedi-to-yuan payment system aimed at facilitating imports from China and reducing the country’s reliance on the US dollar for trade transactions.
Stanbic Bank Ghana is currently piloting the system, while Ghana Commercial Bank is developing a similar service, according to reports.
The new arrangement allows payments to be processed through China’s Cross-Border Interbank Payment System (CIPS), enabling direct yuan payments from cedi-denominated accounts.
By bypassing the need for US correspondent banks, the system is expected to cut transaction costs and shorten processing times for China-related trade.
The move marks a significant step in Ghana’s efforts to diversify its payment infrastructure and strengthen trade ties with China, its largest import partner.