'Bypassing US Dollar': Ghana Importers Gain Direct Payment Route to China | Firstpost Africa | N18G
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
00:47 How the CIPS Direct Payment System Operates
01:16 Bank of Ghana on the Stanbic Pilot Programme
02:06 Benefits for Ghanaian Importers
02:55 Role of the US Dollar and SWIFT
03:32 China's Zero-Tariff Access for African Nations
04:13 Financial Independence and Trade Outlook
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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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