Businesses trading between Ghana and China stand to benefit from faster, more convenient and potentially cheaper payments following the introduction of the Cross-Border Interbank Payment System (CIPS) in Ghana, the Chief Executive of Stanbic Bank Ghana, Mr. Kwamina Asomaning, has said.
“With CIPS, businesses can access a more direct payment route to Chinese counterparties, reducing the need for US correspondent or intermediary banks,” Mr. Asomaning said at the Ghana-China Day in Accra on Wednesday.
CIPS, he explained, gives businesses a more direct route to settle eligible transactions in Chinese yuan (RMB), cutting their reliance on correspondent and intermediary banks. CIPS is a wholesale payment system authorised by the People’s Bank of China that facilitates payments in RMB, providing an alternative channel for businesses engaged in Ghana-China trade.
According to Mr. Asomaning, payments between the two countries had traditionally passed through intermediary banks, including US correspondent banks, resulting in longer processing times and additional costs. He said the system could improve turnaround times, reduce costs and give businesses greater flexibility in managing cross-border transactions. It could also support more two-way currency flows, he added, allowing eligible businesses to make and receive payments in RMB rather than relying mainly on the US dollar.
Mr. Asomaning said CIPS should be viewed against the backdrop of Ghana’s deepening trade relationship with China, which accounted for 22.3% of Ghana’s imports in 2024. The relationship, he argued, should now expand beyond trade in goods and infrastructure to include investment, manufacturing, technology transfer and higher-value services. “The next chapter must be about building financial connectivity, productive capacity and shared value,” he said.
He gave an assurance that Stanbic Bank would continue working to remove financial barriers for businesses operating along the Ghana-China trade corridor. “When a business crosses a border, its bank should not become another border,” Mr. Asomaning said.
Stanbic Bank Ghana’s ability to offer CIPS and RMB services is anchored in a strategic partnership between its parent, Standard Bank Group, and ICBC. The relationship dates back to 2008, when ICBC acquired a 20% stake in Standard Bank Group, becoming the group’s single largest shareholder, a tie-up that brings together the world’s largest bank by assets and Africa’s largest banking group.
The Chief Executive Officer of the ICBC African Representative Office, Mr. LI Li, described Stanbic Bank Ghana’s launch of CIPS services as an important milestone for the development of RMB business in Ghana.
He said ICBC and Standard Bank had, over the years, built a partnership spanning client services, product development, system connectivity, staff exchanges and risk management, a collaboration that continues to support more efficient settlement between the two countries. Mr. Li said the partnership would continue to provide businesses with innovative RMB financial services.
Businesses seeking to use the service must hold an account with Stanbic Bank Ghana and visit any Stanbic branch to initiate a transaction. They will need to indicate Chinese yuan as the payment currency and provide the required supporting documentation. Requests submitted by 2:00 p.m. GMT can be processed for next-business-day settlement, subject to applicable regulatory and compliance requirements.
The Ghana-China Day was organised by Stanbic Bank Ghana in partnership with the Industrial and Commercial Bank of China (ICBC) under the theme “Connecting Capital, Commerce, and Opportunity in the Ghana-China Corridor.” It brought together stakeholders from the financial and business communities to discuss ways to deepen economic and commercial ties between the two countries.
