Omanghana
Ghana is moving towards direct cedi-to-yuan settlements for trade with China, with banking pilots aimed at reducing currency conversion costs for businesses importing Chinese goods.
Bank of Ghana Governor Dr Johnson Asiama disclosed the initiative at a Monetary Policy Committee briefing in September, indicating that the arrangements were already being piloted before October 5.
Stanbic Bank Ghana and GCB Bank are participating in the initiative with the central bank’s backing. The arrangement would enable Ghanaian importers to pay in cedis without first purchasing US dollars to settle transactions with Chinese suppliers.
Asiama explained that using an intermediary currency exposes traders to two sets of conversion charges. A direct settlement channel is intended to reduce that burden and support the expanding commercial relationship between the two countries.
The Bank of Ghana also plans to engage the People’s Bank of China during the upcoming World Bank and International Monetary Fund Annual Meetings to discuss financial cooperation.
The payment initiative comes as Ghanaian exporters seek to benefit from China’s expanded zero-tariff program, which took effect on May 1, 2026, covering all 53 African countries maintaining diplomatic relations with Beijing.
The expansion added 20 countries outside the least-developed category to an arrangement already covering 33 African least-developed countries since December 2024. For the additional countries, the preferential treatment runs until April 30, 2028.
However, products subject to tariff quotas receive zero duties only within their allocated quotas, with existing duties remaining applicable to quantities above those limits.
Trade figures underline the scale of the relationship. According to Chinese customs data cited by Ghana’s state broadcaster, bilateral trade reached US$14.12 billion in 2025, while Ghana’s exports to China totaled US$2.67 billion.
China’s imports from Ghana reached US$290 million in June 2026, representing a 166% increase from the previous month and a 6.1% rise compared with June 2025.
Products identified as potential beneficiaries of the tariff policy include processed cocoa, cashew kernels, shea butter, textiles and fruit. Stakeholders have stressed that stronger production capacity, quality standards, certification and logistics will be essential for Ghanaian businesses to translate improved market access into sustained export growth.
Source: Omanghana
