The Managing Director for Stanbic Bank Ghana, Kwamina Asomaning, has called for solutions that will allow individuals and businesses in Ghana to access the international market without chasing foreign currencies.
To this effect, Stanbic Bank Ghana is set to launch a product capable of changing the business landscape in Ghana and on the international market forever.
The product, according to the bank, will allow individuals to buy, import and pay for services in China without going through difficulties.
Stanbic To Ease Payments To China
The Managing Director for the bank, Kwamina Asomaning, disclosed this in an interview with OTEC News Reporter, Kwame Agyenim Boateng, during the opening session of the 2026 edition of the Asantehene Invitational Golf Tournament.
According to him, Ghanaians will soon sit in the comfort of their homes and pay for things in China through the bank’s facility using the Ghana cedi.
“As a financial institution, our primary mandate is to help businesses achieve their financial goals,” Mr. Asomaning said.
CIPS Corridor To Remove Bottlenecks
He however disclosed that the bank has established a facility called CIPS, a corridor that allows businesses in Ghana to settle suppliers and other business partners in China without necessarily getting Chinese Yuan.
“Just using your cedis in Ghana, businesses can pay for services or goods in China through Stanbic CIPS,” he stated.
He noted that the corridor reduces the transactional cost for businesses compared to those who will settle their clients through intermediary foreign currencies.
“CIPS also reduces the turnaround time in terms of moving the funds, allowing businesses to deliver on time, improving business outcomes,” Mr. Asomaning added.
He noted that CIPS aims at smoothing the processes and removing the bottlenecks of businesses settling payments and transactions from China.
Source: Ghana/otecfmghana.com/Jacob Agyenim Boateng
