BoG backs cedi payments as Ghana-China trade expands

The Bank of Ghana (BoG) has announced new payment arrangements that could make it easier for Ghanaian businesses to trade directly with China using the Ghana cedi.

The move comes as trade between Ghana and China continues to grow, with the central bank working with commercial banks to create payment channels that reduce the need for businesses to first source US dollars before paying Chinese suppliers.

GSA, CMC agree cocoa freight rates for 2026/27 season

Speaking at the 132nd Monetary Policy Committee (MPC) press briefing on Thursday, September 24, 2026, BoG Governor Dr Johnson Pandit Asiama said Stanbic Bank is already piloting an arrangement that allows Ghanaian importers to pay for goods from China with cedis.

“Stanbic Bank is piloting a programme whereby our exporters and importers no longer have to carry US dollars to pay for their imports. They can actually make those payments in Ghana cedis from here,” Dr Asiama said.

The new payment arrangement is expected to form part of wider efforts to make Ghana-China trade more efficient and reduce some of the currency-related challenges faced by businesses involved in the trade.

He explained that the arrangement allows businesses to approach the bank with cedis and use the system to settle payments for goods purchased from China.

The Governor said Ghana Commercial Bank (GCB) is also developing a similar payment arrangement.

“We are aware that Ghana Commercial Bank is also starting something quite similar. So, we are taking these developments very seriously, in line with the growing trade relationship with China,” he added.

According to Dr Asiama, creating more direct payment channels could make trade between Ghanaian businesses and their Chinese counterparts easier.

It could also reduce the need for businesses to depend on the US dollar or other third-party currencies when settling transactions.

 “Bank of Ghana is also looking at opportunities that could further strengthen Ghana-China trade following China’s move to provide zero-tariff access to African countries with which it has diplomatic relations,” he added. 

He said the central bank would engage its Chinese counterparts on how the financial sector could support Ghanaian businesses to take advantage of the new trade opportunities.

Dr Asiama noted that such discussions could take place through engagements between central bank governors, including during international meetings such as the IMF meetings.

He, however, said the Ministry of Trade also has an important role to play in ensuring that Ghana gets the full benefit of the zero-tariff arrangement.

The Governor assured that the Bank of Ghana would continue working with relevant institutions as Ghana seeks to deepen its financial and commercial relationship with China.

ANAS/EB

AI Adoption: Businesses must solve real problems, not chase trends – Carlos Amoako