Stanbic Bank and Graphic Business Advocate for Streamlined Cross-Border Payments to Boost Ghanaian Trade

Financial experts and business leaders are calling for enhanced collaboration and the adoption of modern payment systems to address the complexities of international trade. During the Graphic Business/Stanbic Bank Breakfast Meeting held at the Labadi Beach Hotel in Accra, stakeholders gathered under the theme “Moving Money. Moving Trade. Moving Ghana.” The forum focused on identifying and removing barriers related to foreign exchange, international payment systems, and compliance requirements that currently hinder Ghanaian businesses, particularly small and medium-sized enterprises (SMEs).

Kwamina Asomaning, Chief Executive of Stanbic Bank Ghana, emphasized that more efficient payment systems are critical for businesses to manage costs and remain competitive in global markets. He noted that delays in payments often inflate import prices and disrupt supply chains. To mitigate these challenges, speakers including Musah Abdallah of Stanbic Bank and Dr. Paa Kwesi Eduaful Abaidoo of Miniplast Ltd advocated for the digitization of documentation and the utilization of robust frameworks such as the Pan-African Payment and Settlement System (PAPSS) and the Cross-Border Interbank Payment System (CIPS).

A significant highlight of the discussions was the launch of CIPS services to facilitate smoother trade between Ghana and China, which accounted for over 22% of Ghana’s imports in 2024. Mr. Asomaning explained that this system allows for direct payments in Chinese yuan (RMB), effectively reducing reliance on US intermediary banks and lowering associated transaction costs. This development, supported by a partnership between Stanbic Bank and the Industrial and Commercial Bank of China (ICBC), represents a strategic shift toward deepening economic ties through technology transfer and financial connectivity.

Looking ahead, the experts suggested that emerging technologies like artificial intelligence and digital assets could further enhance the security and speed of international transactions. The meeting concluded with a commitment to develop a communique that will guide future policies on cross-border trade. By leveraging existing frameworks like the African Continental Free Trade Area (AfCFTA) and modernizing payment infrastructure, stakeholders believe Ghana can significantly improve its business performance and streamline trade flows across the continent and beyond.