Ghana Bypasses US Dollar for China Trade with Direct Cedi-to-Yuan Trade Mechanism | Firstpost Africa
Watch this video as Firstpost explains how Ghana has launched a direct Cedi-to-Yuan payment mechanism, establishing a vital trade pathway with China that bypasses the traditional US dollar intermediary. Announced by Bank of Ghana Governor Dr. Johnson Pandit Asiama, the initiative uses China's Cross-Border Interbank Payment System (CIPS). Local businesses can now pay for imports straight from their domestic Cedi accounts, with Chinese exporters receiving payment directly in Yuan. Currently piloted by Stanbic Bank Ghana—with Ghana Commercial Bank preparing to launch a similar service—the system cuts processing times to next-day delivery while reducing expensive forex conversion fees. While legacy options like SWIFT and US dollar clearing remain fully functional, this alternative offers flexibility. Coupled with Beijing’s zero-tariff policy for 53 African nations, the payment system enhances trade efficiency, creating a two-way street for imports and Ghanaian exports alike. Josh Barnes brings you more on Firstpost Africa.00:00 – Introduction & Headlines
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10:38 – Somaliland–Israel Ties & Berbera Port Dispute
17:43 – Ghana Bypasses US Dollar in Direct China Trade
22:29 – Devastating Floods in Senegal Ahead of Youth Olympics
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Ghana | Ghana Cedi | Chinese Yuan | Ghana Cedi To Yuan | Ghana China Trade | Ghana China Payment System | Ghana China Trade Deal | Ghana Cedi Yuan Payments | Cedi To Yuan Payments | Ghana Yuan Payment System | Firstpost Africa | Josh Barnes | Africa | Firstpost
#ghana #ghanacedi #chineseyuan #ceditoyuan #ghanachinatrade #ghanachina #cips #crossborderpayments #firstpostafrica #africa #joshbarnes #firstpost
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