Ghana Launches Cedi-to-Yuan Payment System for China Trade, Reducing Reliance on the U.S. Dollar Ghana is moving to facilitate direct payments between the Ghanaian cedi and Chinese yuan for imports from China, potentially reducing the need for the U.S. dollar and American correspondent banks in bilateral trade. Stanbic Bank Ghana is reportedly piloting a cedi-to-yuan […]

Ghana Launches Cedi-to-Yuan Payment System for China Trade, Reducing Reliance on the U.S. Dollar

Ghana is moving to facilitate direct payments between the Ghanaian cedi and Chinese yuan for imports from China, potentially reducing the need for the U.S. dollar and American correspondent banks in bilateral trade.

Stanbic Bank Ghana is reportedly piloting a cedi-to-yuan payment service, while Ghana Commercial Bank is developing a similar system.

The transactions are processed through China’s Cross-Border Interbank Payment System (CIPS), allowing Ghanaian importers to make yuan payments directly from cedi-denominated accounts rather than relying on dollar-based settlement channels.

The system could help reduce transaction costs, shorten payment times and limit dependence on U.S. correspondent banking networks for Ghana-China trade.

The move is part of a broader effort by China and several African countries to expand local-currency and yuan-based trade settlement, potentially reducing the role of the U.S. dollar in cross-border commerce.

The development does not mean Ghana has abandoned the dollar; rather, it provides an additional payment and settlement channel for trade with China.