What is the local currency?
Ghana Cedi (GHC) – notes
Pesewa – coins
What denominations does it come in?
Notes – 50GHC, 20GHC, 10GHC, 5GHC and 1 Ghana Cedi.
Coins – 50p, 20p, 10p, 5p and 1 pesewa
What is the best way to exchange currency?
There are many safe places where you can exchange currency: at most hotels, all banks and exchange bureaus and in the airport as well. Exchange rates do not change by much, if at all, between the various places.
What are commonly-used forms of payment for everyday purchases (such as groceries)?
Cash is most often used, but most international hotels and now many restaurants accept debit and credit cards. These hotels and restaurants also accept US currency. Card machines are slowly being introduced as well.
Will I be able to use my credit card around town? If not, list when I’ll need cash.
Yes, all international hotels and most restaurants will accept credit cards but most local shops accept only cash in local currency. A select few will accept payment in US dollars.
By what method are bills (such as rent and utilities) paid?
Rentals of properties, such as warehouses and apartments, are paid in US dollars and are payable in advance for the entire lease period (normally one year). This can be paid for in cash or by wire transfer.
New vehicles are sold in US dollars and cannot be financed. There are now a few car dealers that allow you to pay for a vehicle over a six-month period. Secondhand vehicles are sold in local GHC and must be purchased in cash. Electricity, water, telephones, insurance and other services are all payable in GHC.
What are the requirements for opening a bank account? At what stage of the settling-in process should I open it?
For a private account: You are required to have a valid passport, a letter from the employer confirming that you are employed by the company and the length of time. You'll also need a valid work permit, two passport-size pictures and another form of identification (either an ID document or driver’s license from your country of origin). You'll need cash for the initial deposit, preferably in the local currency and a local residential address.
For a business/company account: This can only be opened for a registered company. The bank will require various documents from the company as well as proof of address in Ghana.
Will foreign residents be able to find banking services in their native languages?
No, all banks use English as the language of communication.
Are there any restrictions on services for those who are new to your country?
No, once your banking account has been opened, you can transfer funds in and out of your account as you please, provided you have sufficient funds.
What are typical banking hours?
Monday to Friday: 8:30 a.m. to 4:00 p.m.
Saturdays: 8:30 a.m. to 1:00 p.m.
Some of the Muslim banking institutions will close from 12 to 2 p.m. on Fridays for prayer.
There are many different banks in Ghana. Stanbic is the largest.
Are automatic teller machines (ATMs) available around the clock?
Yes and no. Most of the ATMs are located at the banks and remain open until about 8 p.m. Other ATMs that are in shopping malls and service stations are open 24 hours a day.
Is there any other money information that might help me?
Using local GHC allows you to bargain with the local vendors.
Crown Relocations has made every effort to present accurate information. However, regulations, rates and other variables are subject to change and Crown Relocations cannot accept responsibility for the errors that might result. Should you have any questions or need additional information, please contact your local Crown representative.