Ghanaian bank joins Chinese payment system

GCB Bank PLC in Ghana is preparing to join the China Cross-Border Interbank Payment System (CIPS), a Chinese infrastructure for settling cross-border transactions in yuan, according to Matilda Asante-Asiedu, second deputy governor of the Bank of Ghana. This announcement was made during a meeting with exporters in the country on October 14.

CIPS aims to simplify yuan transactions

The CIPS system allows participating banks to settle transactions in yuan, potentially reducing reliance on the dollar and intermediary banks. For Ghanaian companies importing goods or inputs from China, this mechanism could simplify payments to suppliers and limit some currency conversions.

GCB Bank's long-term planning

The CIPS membership project is part of a reflection undertaken by GCB for several months. In October 2025, during discussions with Chinese officials in Beijing, the bank proposed forming partnerships with Chinese financial institutions to facilitate yuan settlements via CIPS and to develop cross-border trade financing solutions.

Other Ghanaian banks have joined CIPS

GCB Bank is not the first Ghanaian bank to pursue this path. In August 2026, Stanbic Bank Ghana became the first bank in the country to offer its customers direct yuan settlements via CIPS, after obtaining approval from the Bank of Ghana. This service allows individuals and businesses trading with China to settle eligible transactions in yuan from their Ghanaian cedi accounts.

Ghana-China trade grows rapidly

The development of these solutions occurs as commercial exchanges between Ghana and China are increasing. According to figures announced in May 2026 by the Chinese ambassador to Ghana, Cong Song, trade between the two countries reached a record 14.1 billion dollars in 2025, an increase of 19.3 percent year-on-year. This amount corresponds to the total value of exports and imports between the two countries, and not solely the volume of payments made by Ghanaian importers.