Ghana Launches Yuan-Based Payment System to Bypass the U.S. Dollar
Ghana has launched a new payment system that allows businesses to pay for Chinese imports directly using Ghanaian cedis instead of U.S. dollars. The system, piloted by Stanbic Bank Ghana and reportedly being developed by Ghana Commercial Bank, leverages China’s Cross-Border Interbank Payment System (CIPS) to process direct yuan payments from cedi accounts. Bank of Ghana Governor Dr. Johnson Pandit Asiama confirmed at a recent press briefing that the system is already operational, stating, '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.'
The initiative aims to reduce Ghana’s reliance on the dollar for trade with China, which accounted for about 22 percent of Ghanaian imports in 2024. Stanbic Bank Ghana CEO Kwamina Asomaning highlighted that CIPS provides a more direct payment route to Chinese counterparties, reducing the need for U.S. correspondent or intermediary banks. Businesses can initiate yuan payments from their cedi accounts without needing a yuan-denominated account, according to Business Insider Africa.
While the new system offers an alternative to the dollar-based SWIFT system, central bank officials emphasized that SWIFT will continue to facilitate payments in dollars, euros, and pounds. The move reflects a broader trend of de-dollarization, as countries seek to minimize dependence on the U.S. dollar amid concerns about its weaponization as a foreign policy tool. The system, however, is expected to process only a small number of transactions initially and is unlikely to threaten dollar dominance.
The potential impact of de-dollarization on the U.S. economy was noted, as a drop in global demand for dollars could lead to inflation and a depreciation of the U.S. currency. The dollar’s role as the world’s reserve currency underpins the U.S. government’s ability to borrow and spend extensively, making de-dollarization a significant risk for the country’s economic stability.