The Bank of Ghana (BoG) says it is supporting efforts to facilitate trade between Ghana and China using the cedi, as part of measures to reduce reliance on the US dollar for bilateral transactions.

Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, said banks are already piloting arrangements that will allow Ghanaian importers to make payments for goods from China in Ghana cedis.

He was speaking at the 132nd Monetary Policy Committee (MPC) press briefing.

According to Dr Asiama, Stanbic Bank is currently piloting a programme under which importers no longer have to source US dollars to make payments for their imports from China.

“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,” he said.

He added that Ghana Commercial Bank is also working on a similar arrangement as the country seeks to deepen financial and trade links with China.

The Governor said the Bank of Ghana is taking the development seriously in view of the growing trade relationship between the two countries.

He further indicated that the central bank will engage its counterparts in China on opportunities arising from the zero-tariff policy regime, while the Ministry of Trade will also have a role to play in ensuring Ghana takes full advantage of the development.

“As the central bank, we're doing a number of things,” Dr Asiama said, adding that the Bank will continue to work with relevant institutions to support the growing Ghana-China trade relationship.

The move forms part of broader efforts to facilitate cross-border payments and reduce the need for businesses engaged in Ghana-China trade to rely solely on the US dollar for transactions.