JUST IN: 🇬🇭🇨🇳 Ghana launches cedi-to-yuan payment system for imports from China, reducing reliance the US dollar.
• Stanbic Bank Ghana is piloting the cedi-to-yuan payment system, with Ghana Commercial Bank developing a similar service.
• Payments are processed through China's Cross-Border Interbank Payment System (CIPS), enabling direct yuan payments from cedi accounts.
• This system reduces the need for US correspondent banks, cutting costs and processing times for China-related transactions.
The world may not transform overnight because of the speeches delivered in this August Assembly. But history faithfully records the truth we choose to speak, and the silence we choose to keep, when we are granted the privilege of addressing this global town hall. #UNGA81