Ghanaian businesses importing goods from China can now initiate eligible payments from their local cedi accounts without first converting their funds into U.S. dollars, under a new payment arrangement being piloted by Stanbic Bank Ghana.

The initiative, supported by the Bank of Ghana, uses China’s Cross-Border Interbank Payment System (CIPS) to settle eligible transactions directly in Chinese yuan. The move is intended to reduce reliance on the dollar and intermediary banks in Ghana-China trade.

Bank of Ghana Governor Johnson Pandit Asiama announced the pilot at the central bank’s 132nd Monetary Policy Committee press briefing. He said Ghanaian importers could provide cedis to Stanbic Bank, which would then facilitate payment to Chinese suppliers in yuan.

“Stanbic Bank is piloting a programme” allowing importers and exporters to pay in cedis rather than source U.S. dollars for imports, Asiama said, according to reports of the briefing.

Under the arrangement, a Ghanaian business does not need to hold a yuan account to make an eligible payment. It can initiate the transaction from its Ghana cedi account, while the Chinese supplier receives the payment in yuan.

Stanbic Bank says customers must hold an account with the bank, select Chinese yuan as the payment currency and provide the required supporting documents. Eligible transactions submitted by 2 p.m. GMT can be processed for settlement by the next business day, subject to regulatory and compliance requirements.

CIPS provides the infrastructure for the yuan leg of the transaction. The system, authorised by the People's Bank of China, is designed to clear and settle cross-border payments in renminbi.

Stanbic Bank became the first bank in Ghana to offer direct access to CIPS after receiving approval from the Bank of Ghana. The bank said the system provides a more direct route for Ghana-China payments and can reduce the need for multiple foreign exchange conversions and intermediary banks.

Ghanaian companies trading with China have traditionally faced foreign exchange constraints and relied on intermediary banks for international payments. Stanbic says the CIPS channel can reduce processing delays and costs by providing a direct yuan settlement route.

The move does not mean Ghana is abandoning the U.S. dollar or the global SWIFT payment network. Stanbic explicitly says CIPS is an additional payment route for eligible yuan transactions, while payments in dollars, euros, pounds and other currencies continue to use existing channels, including SWIFT.

Ghana Commercial Bank is also preparing a similar service, according to the Bank of Ghana governor. Wider adoption could give Ghanaian businesses more options for settling trade with China in yuan rather than routing transactions through the dollar.

The development comes as China remains one of Ghana’s major trading partners. Stanbic said China accounted for 22.3% of Ghana’s imports in 2024, highlighting the importance of efficient payment infrastructure for the bilateral trade corridor.

For Ghanaian importers, the new arrangement offers an alternative to the traditional dollar-based payment route. For the government and central bank, it could also help diversify the currencies used in international trade and reduce some of the pressure associated with dollar demand.