The Bank of Ghana is piloting a payment arrangement that will allow Ghanaian importers and exporters to settle some China-related trade transactions in Ghana cedis instead of US dollars.
Bank of Ghana Governor Dr. Johnson Asiama disclosed the development while discussing Ghana’s growing bilateral trade relationship with China.
He said Stanbic Bank is currently piloting the programme, which allows businesses involved in imports and exports to make payments in cedis from Ghana.
“You might have heard about one of the banks. What’s the name? Stanbic. They are piloting a program whereby our exporters, our importers, no longer have to carry US dollars on them to go and pay for their imports.”
According to Dr. Asiama, the arrangement means businesses purchasing goods from China can make payments using cedis through Stanbic Bank.
“They can actually pay in Ghana cedis right from here. And so, as we speak, if you want to buy anything from China, just go to Stanbic Bank with your cedis, you are able to do that.”
He said the initiative is currently being tested as part of efforts to support Ghana’s expanding trade relationship with China. “And that is something we are piloting going forward,” Dr Asiama said.
He added that Ghana Commercial Bank is also preparing a similar arrangement. “We are aware that Ghana Commercial Bank is also starting something quite similar.”
Dr. Asiama said the Bank of Ghana was closely monitoring these developments as Ghana-China trade continues to grow.
“And so, we are taking those developments very, very seriously in line with the growing trade relationship with China.”
