On 5 October 2026, MyJoyOnline reported that Ghanaian businesses importing goods from China can initiate eligible payments from their Ghana cedi accounts under a new arrangement being piloted by Stanbic Bank Ghana. Bank of Ghana Governor Dr Johnson Pandit Asiama disclosed the initiative at the central bank's 132nd Monetary Policy Committee press briefing.
"If you want to buy anything from China, just go to Stanbic Bank with your Cedis," the Governor said, adding that importers no longer have to carry US dollars to pay for their imports. He said GCB Bank is also preparing a similar service, in line with the growing trade relationship with China.
The service uses China's Cross-Border Interbank Payment System (CIPS). Customers need an account with Stanbic Bank Ghana, select Chinese yuan as the payment currency and submit the required supporting documents. The Chinese supplier receives payment in yuan. According to the bank's published guidance, eligible payments submitted with complete documentation by 2 p.m. GMT can be processed for settlement by the next business day, subject to regulatory and compliance requirements.
Pulse Ghana (6 Oct 2026) notes the service can be used to pay Chinese suppliers for imported goods, make regular payments to Chinese partners and vendors, and reduce the need for multiple foreign exchange conversions. MyJoyOnline adds that dollar payments and other established channels remain available, and that actual savings will depend on exchange rates, fees and each bank's terms. The report also notes China's zero-tariff treatment for eligible exports from African countries with which it has diplomatic relations took effect on 1 May 2026.