China's yuan expands in Ghana through new bank settlement services

Stanbic Bank Ghana has become the first bank in Ghana to offer direct yuan settlement via China’s Cross-Border Interbank Payment System (CIPS). This allows local customers to make RMB payments directly to Chinese counterparties, aiming to reduce transaction costs and foreign-exchange expenses.

The development follows China’s authorization of Standard Bank and the Industrial and Commercial Bank of China (ICBC) to establish an RMB clearing structure covering 19 African countries. Standard Bank reports having processed over CNY8 billion (approximately US$1.2 billion) through CIPS across the continent.

As China is Ghana’s largest trading partner, with bilateral trade reaching a record US$14.1 billion in 2025, the yuan is gaining relevance in local commercial activity. While the shift offers efficiency for businesses, it raises questions regarding cumulative financial dependence, as increased trading, borrowing, and debt servicing in yuan could make African economies more sensitive to Chinese financial market decisions.