Ghana and China Pilot Direct Cross-Currency Payment System
- Reports
- 4
- Developments
- 2
- Repetition
- 50%
New informationRepeats or wire copies
What happened
The Bank of Ghana approved a pilot program for direct cross-currency settlement between Ghana and China, involving Ghana Commercial Bank and Stanbic Bank. This initiative aims to eliminate the use of third-party currency settlements in transactions between Ghanaian traders and Chinese suppliers. Johnson Pandit Asiama, governor of the Bank of Ghana, stated this structural shift is necessary to enhance bilateral trade.
From english.news.cn
Why it matters
The new payment path allows Ghanaian traders to better leverage the zero-tariff policy offered by the Chinese government to 53 African countries. Furthermore, Chinese Vice President Han Zheng previously indicated China's willingness to deepen cooperation with Ghana in sectors such as mining and green energy.
The Bank of Ghana operates within the Ghanaian economy.
Who's involved
- ChinaStrategic trading partner engaging in trade and investment discussions with Ghana.
- Bank of GhanaCentral bank of Ghana overseeing the implementation of the cross-currency settlement path.
- GhanaWest African country implementing measures to enhance trade with China.
- GCB BankGhana's largest indigenous bank participating in the direct cross-currency settlement pilot.
- Johnson Pandit AsiamaGovernor of the Bank of Ghana who announced the initiative.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- GhanaSpeculative
Ghana might see an enhanced role for the Ghana cedi in bilateral trade with China.
- GCB BankSpeculative
Ghana Commercial Bank could see increased trade volume due to the direct cross-currency settlement path.
- ChinaSpeculative
China might increase investment in Ghana's mining and green energy sectors.
- AfricaSpeculative
Africa could benefit from increased strategic cooperation and foreign direct investment.
How this reaches others
Each traced step by step, with the reporting behind it- How will Ghana's new payment mechanisms with China affect the African continent?Ghana's new payment system may boost trade access for African nationsReported
- How will the push for direct cross-currency settlements affect GCB Bank's operations?GCB Bank participates in pilot for direct Ghana Cedi-RMB paymentsReported
How it developed
Newest first. Tap a step to see who reported it.BoG engages with China on mutual interests; Stanbic Bank pilots direct payment for Chinese imports.1 source
High-level Chinese officials met with Ghanaian counterparts at UNGA to discuss deepening trade ties.1 source
Keep exploring
Part of
The Bank of Ghana operates within the Ghanaian economy.Also in this story
- Access Bank operates in the Ghanaian market while the Bank of Ghana monitors inflation and manages monetary policy.
- Parliament questioned the Bank of Ghana Governor on the state of economic management in Ghana.
- Bank of Ghana introduces specialized lending for MSMEs and its Board oversees activities.
The entities involved
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China
cultural region, ancient civilization, and nation in East Asia; mostly refers to the People's Republic of China in political situation and rarely refers to the Republic of China
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Bank of Ghana
central bank of Ghana
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Ghana
country in West Africa
Related events
- Ghana is actively seeking cooperation with Chinese investors during a conference held in Tianjin, China, under the leadership of Mahama.
- China's zero-tariff policy offers market access to Ghana.
- The Bank of Ghana manages monetary policy for the country.
- Ghana invests to reduce Africa's dependence on imports.
- The Bank of Ghana is regulating financial activities within the country and monitoring USD-denominated foreign currency wallets.