Forex for a trader
Ecobank ghana forex rates

Ecobank ghana forex ratesCurrency. Code. Rates. Buying. Selling. United States Dollars. South African Rand. Great Britain Pound. DISCLAIMER. The exchange rate shown is an indicative rate and should be used as a guide only. As exchange rates fluctuate by the second and vary depending on the amount and product bought and sold we recommend you contact us to obtain an accurate quote. Select your online banking platform: 247 Customer Care Line. Ghana +233 (0) 302 815 789. International +27 11 299 4701.

247 Customer Care Line. Ghana +233 (0) 302 815 789. International +27 11 299 4701. Join the following social media platforms. Careers @ Stanbic Bank. Join our international team and you could move your career forward from the start. US Search Mobile Web. Welcome to the Yahoo Search forum! We’d love to hear your ideas on how to improve Yahoo Search . The Yahoo product feedback forum now requires a valid Yahoo ID and password to participate. You are now required to sign-in using your Yahoo email account in order to provide us with feedback and to submit votes and comments to existing ideas. If you do not have a Yahoo ID or the password to your Yahoo ID, please sign-up for a new account. If you have a valid Yahoo ID and password, follow these steps if you would like to remove your posts, comments, votes, andor profile from the Yahoo product feedback forum. Ecobank meets GH?400 minimum capital. Ecobank Ghana has announced that it has met the Bank of Ghana’s new minimum capital requirement for banks.

The bank achieved this by transferring 190 million cedis from its income surplus to the stated capital. This means that its capital is now at 416.6 million cedis. Ecobank initially declared at its AGM in May 2018 of meeting the requirement by adding unto its stated capital. Ecobank therefore joins the list of banks that have met the central bank’s minimum capital. Commercial banks have till December 2018 to meet the new minimum capital requirement. Failure to achieve the target could lead to a possible downgrade to a Savings and Loans Company or possible revocation of the bank’s license. The central bank announced the recapitalization in August 2017. The banks have a year and four months to achieve the target. Already, local banks petitioned the President to intervene for an extension to December 2022. But the regulator insists that there will be no extension. Sending money to Ghana has never been easier.

For those traveling to or conducting business in Ghana, there are a variety of ways to transfer money to the country. In this Ghana Money Transfer Guide , we focus on the best and the cheapest way of transferring money to Ghana. So be sure to read it carefully and start saving more every time you make international money transfers. The Guide’s Topics: Best Company To Transfer Money To Ghana. Min. Transfer : No Limit. Transfer : Online Only. Wire Fees: ? € 1 - 12 (Depends on Speed). Expected Rates*: - GBP: 5.6812 GHS - EUR: 5.2112 GHS - USD: 4.3857 GHS. Min. Transfer : ? € 1. Transfer : Online or using the App. Wire Fees: € 3. Expected Rates*: - GBP: 5.7185 GHS - USD: 4.4145 GHS - EUR: 5.2454 GHS. Min. Transfer: ?1 - ?4,000. Transfer: Online. Wire Fees: ? 6.99. Expected Rates*: - GBP: 5.6238 GHS - USD: 4.3414 GHS - EUR: 5.1585 GHS. $41 International Transfer Fee + Currency Exchange Fee. Triple The Cost Of Any Commercial FX Company.

Exchange rate would be approximately *: - GBP: 5.6238 GHS to 5.6812 GHS - EUR: 5.1585 GHS to 5.2112 GHS - USD: 4.3414 GHS to 4.3857 GHS. 2.9%+ Transfer Fees, and 2.5% more for Currency Exchanges. Quick but expensive. Exchange rate would be approximately *: - GBP: 5.5951 GHS or worse - EUR: 5.1585 GHS or worse - USD: 4.3414 GHS or worse. * Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades. Supported Countries & Payment methods. The Bank of Ghana (BoG) is responsible for the monetary policy and has been setting different regulation through the years, trying to block any Ghanaian Cedi decline. The regulations are pretty much all referring to sending money from Ghana, where a few restrictions have been imposed on the amounts that can depart the country. But on the other hand, you can send money to Ghana without any big restrictions and very similar to other big countries. WorldFirst is one of the companies that we feature many times when talking about smaller countries or outside of the “big countries” list. Why ? Because they have the biggest variety of currencies at their disposal and so, they can send money to almost any country in the world. Azimo is an FX company that has specialised in working with remittances dependent countries and many African countries. It has no minimum deposit amount and the transfer fees as low as ?1. It is a great solution for those that need to make regular and smaller money transfers to Ghana. Payoneer as an additional option.

Ghana has always been a problematic country for companies that handle money transfers and this exactly Payoneer might the best option for many. With them your are able to receive money from all over the world and withdraw it as you wish (bank account or Payoneer Mastercard Card). For more info be sure to read our Payoneer review or go to their website and sign up for an account. Best Company to Transfer Money from Ghana. Supported Regions & Currencies. Because most of the FX companies don’t really provide their services to those that want to send money from Ghana to other countries, and if they do, they require big amounts to be transferred, we decided to feature Rapidtransfer. This is a service provided by Ecobank and it caters especially to all of the African countries where Ecobank is available. Luckily, Ecobank has 1305 branches and offices in 36 English, French and Portuguese speaking countries in East, West and Central Africa. So pretty much the whole continent is covered. The fee for a money transfer from Ghana to another country is (most of the times) approx 24 Ghanaian Cedi ( Currencies : There are no restrictions on currencies and every kind of currency can be exchanged for the local currency of the receiver.

Today’s Foreign Exchange Rates for GHS. GBP to GHS – Pounds to Ghanaian Cedi; 10,000 GBP is 57,386.0000 GHS. GHS to GBP – Ghanaian Cedi to Pounds; 10,000 GHS is 1,742.5853 GBP. GHS to CAD – Ghanaian Cedi to Canadian Dollars; 10,000 GHS is 2,797.1979 CAD. CAD to GHS – Canadian Dollars to Ghanaian Cedi; 10,000 CAD is 35,750.0623 GHS. AUD to GHS – Australian Dollar to Ghanaian Cedi; 10,000 AUD is 35,264.5486 GHS. GHS to AUD – Ghanaian Cedi to Australian Dollar; 10,000 GHS is 2,835.7091 AUD. GHS to USD – Ghanaian Cedi to US Dollars; 10,000 GHS is 2,257.3450 USD. USD to GHS – US Dollars to Ghanaian Cedi; 10,000 USD is 44,299.8302 GHS. GHS to CHF – Ghanaian Cedi to Swiss Franc; 10,000 GHS is 2,170.0415 CHF. CHF to GHS – Swiss Francs to Ghanaian Cedi; 10,000 CHF is 46,082.0686 GHS. GHS to EUR – Ghanaian Cedi to Euro; 10,000 GHS is 1,899.7665 EUR. EUR to GHS – Euro to Ghanaian Cedi; 10,000 EUR is 52,638.0481 GHS. Why Send Money To Ghana. Ghana is an average natural resource enriched country in quantities but has a big number of different industrial minerals, hydrocarbons and precious metals. This means that they can tackle many different markets and provide resources to its population without importing too much of too many products. The government has an economic plan called Ghana Vision 2020 in which envisions Ghana as the first African country to become a developed country between 2020 and 2029. The results of such a program will be the influx of money from investors looking to grow their portfolio at the same growth rate that they country’s economy is planned to have. Manufacturing and Exports : Ghana is a digital-based mixed economy hybrid very similar to Taiwan with an increase focus on manufacturing and exporting digital technology goods like consumer electronics, smartphones and tablets. Other important products are the cocoa, petroleum, natural gas, industrial minerals, assembling and exporting automobiles and ships. Real Estate : The real estate and housing market of Ghana has become an important and strategic economic sector, mainly in the urban centers like Accra, Kumasi, Sekondi-Takoradi and Tema. the mortgage market has demonstrated enormous growth potential and many Ghanaians are investing in properties with the help of the Ghana government, which is empowering the private sector in the real estate direction. “Outsiders” are investing more and more lately in the real estate sector because of Ghana’s tropical location and robust political stability. If you want to be part of those that do business in Ghana, be prepared and know their etiquette when meeting and conducting business. Thinking Of Relocating To Ghana?

If you consider moving into Ghana and live there as an expat, you may find the following information helpful. Advantages Of Moving To Ghana: Low Crime Rate: 20% less crime than bordering African neighbors. High Expat Salaries: Tech and Engineering industries see a 40% increase in salary in comparison to expat’s home countries. Affordable Skilled Workers: 85% of the members of the middle class can afford household maids. Disadvantages Of Moving To Ghana: Pricey Private Schools: Since the public school system is quite underdeveloped, the expat has to invest a great deal in school tuition. Tuition can exceed 10,000 GBP per year. Malaria: This can be a major expense for expats who have to spend 2 GBP per Malaria pill, which surely adds up. Slow Internet Connection: Those expats wanting to stay connected will be alarmed that 40% of the population still uses dial up. Popular Destinations in Ghana: Popular cities for business and real estate transactions in Ghana are: Accra, Kumasi, Tamale, Takoradi, Achiaman, Tema, Teshie, Cape Coast, Sekondi-Takoradi and Obuasi. How to send money to Ghana with FX companies. Many FX companies do business on the Internet, which easily allows their clients to send money to Ghana online . To get started, all a customer has to do is set up an account with the FX company. This can be done via the company’s online website, and it’s a process that generally only takes minutes to complete. As verifying banking details can take a little while longer, it’s recommended that travelers, students and others who wish to send money overseas create an account ahead of their travels to ensure no wait time when the need to send money arises. Once the account has been set up, transfers can be set up in a matter of moments. Delivery of converted funds is typically accomplished by the next business day, and the funds can be deposited into any account that the sender chooses.

This are benefits that have facilitated the growing number of people that have started buying properties overseas as an investment or simply as a vacation spot. The low fees and fast delivery time that FX brokers can offer makes it a great channel for real estate agents to start catering customers from all over the world who want to buy properties in Israel, Estonia or to buy a beach house in Cyprus. What you need to send money to Ghana. Bank Name and Address IBAN SwiftBIC Code Account Number Receiver’s Complete Name. After you provide all the details listed above, the process is simple: You create a free account with the company. Receive a quote from one of the dealers – be it online or by the phone. Send the money to your account so you can fund the transfer. Get a confirmation from the company (usually the same dealer that gave you the quote) that the transaction is completed. Our Company Recommendation: Transfer Money to Ghana: Companies that provide international money transfers to Ghana. Transfer Money from Ghana: Companies that take on Ghanaian Customers. Regulations and taxes when transferring money to and from Ghana.

Ghana’s currency is the cedi (GHS). The GHS is free flowing and fully convertible. However, strict transfer regulations were put in place in 2014 to slow the cedi’s decline. Many of these were lifted when they proved too much of a burden for many financial institutions. The Bank of Ghana. The Bank of Ghana (BoG) oversees payment systems and monitors the proper function of financial systems. Its oversight extends to monitoring the activity of all financial institutions. The Bank of Ghana rarely intervenes into financial markets, but reserves the right to do so. Transfer regulations. Strict transfer regulations were put in place in 2014, including extensive documentation, capital repatriation deadlines, and a US$10,000 limit on foreign exchange. Most of these restrictions were lifted soon after. Direct transfers between foreign currency accounts are still prohibited. A limit of US$10,000 exists on over-the-counter forex withdrawals. A maximum of the equivalent of US$5,000 may be carried out of the country in hard cash. Taxation on foreign income.

Ghanaian residents are taxed on any foreign income. Non-residents are taxed only on income originating in Ghana. Double tax treaties are in place to avoid double-taxation. Biggest banks in Ghana. Ghana Commercial Bank Ecobank Ghana Barclays Bank of Ghana Zenith Bank Agricultural Development Bank of Ghana. We’re hopping that by reading this article, you will now be able to send money to Ghana cheaper and quicker than you ever did with your local banks. And even though, when you need to send money from Ghana, you still need to use different services provided by banks, soon this will change as well as the FX companies develop their infrastructure more and more. Ecobank Development Corporation hits money market with IPO. Investors who wish to have liquidity in the short term on their investments will have an opportunity to do so as Ecobank Development Corporation (EDC) launches its Initial Public Offer (IPO) in the money market. The primary objective of the fund is to maximize income in line with prevailing Ghanaian money market rates, while aiming to preserve capital and maintain a high level of liquidity. Speaking to Citi Business News after the launch of the IPO, the Managing Director of Ecobank Development Corporation, Ghana, Mr. Kisseih Antonio explained that the money market remains the most viable place to invest in the short term compared to the equity market, and fixed income market, since it provides flexible terms for liquidity returns. “If you want an opportunity to invest in a market for a short term where your liquidity can be returned to you in a short notice without any cost then the money market is the best” he said. He stated that the fund will invest broadly in diversified portfolio of short term, high quality money market securities. “The fund is available for subscription by both individual investors for a minimum initial amount of GHS100 and for institutional subscribers for GHS50,000,” he added. The Initial Public Offering (IPO) of the fund runs from 27 th June to 18 th July 2016. Mr. Antonio stated that units in the fund are being offered for GHS1 during the IPO period after which investors will still have the opportunity to invest in the fund at the existing Net Asset Value per unit on the day of purchase.

He pointed out that a unique feature of the fund is the distribution of its net income on a quarterly basis to unit holders. According to him, the holders would then have the option of being paid immediately or to reinvest the distributions in new units, pegged at the relevant daily Net Asset Value. He disclosed that this is the first collective investment scheme in Ghana which provides investors with such an option. “As an institution, we are strategically positioning ourselves to roll out several country specific and pan-African funds spanning different assets classes, disciplines and styles to address clients needs,” he assured. He stressed that the goal of the EDC is to make financial expertise broadly accessible and effective in helping individuals and corporate to meet their financial goals. The EDC Money Market fund is the most recent collective investment scheme product that Ecobank’s Asset Management business has launched in Africa with assets under management in these schemes amounting to US$310 million. US Search Mobile Web. Welcome to the Yahoo Search forum! We’d love to hear your ideas on how to improve Yahoo Search . The Yahoo product feedback forum now requires a valid Yahoo ID and password to participate. You are now required to sign-in using your Yahoo email account in order to provide us with feedback and to submit votes and comments to existing ideas. If you do not have a Yahoo ID or the password to your Yahoo ID, please sign-up for a new account. If you have a valid Yahoo ID and password, follow these steps if you would like to remove your posts, comments, votes, andor profile from the Yahoo product feedback forum. Advice on opening foreign currency account - Ecobank vs Barclays. I just arrived to Accra and I will be here for 1-2 years. I would like to open a foreign currency account, and Ecobank and Barclays are most convenient for me in terms of branch and ATM access.

Can anyone advise me about which would have the least cost in fees? At least at first, I would only use the account for electronic deposit of my salary and for ATM withdrawals. I can find a schedule of tariffsfees for Barclays accounts on the internet (link), but I cannot find one for Ecobank. I will stop at an Ecobank branch to ask about fees, but in the meantime: Can anyone offer adviceperspective on which would be better? UBA Ghana was established in 2005. It is part of the African banking company United Bank for Africa which has operations in 19 different countries. In Ghana it has 24 branches and 32 ATMs. Banking services are available to individual customers and business with products such as current accounts, sav. read more. UBA Ghana Discussion. Q: I have money in UBA Benin and I would like to open with UBA Ghana an Online Account is that possible and at what cost. Q: Please I was a client in uba bank Ghana and I left Ghana since 2013 and I want to put money from Europe, But now I can't remember my account number, so how can I get my account back to do this recharge? Q: Please l want you to help me Can someone send me a money by making it ATM card. Q: please i want to check my balance on my atm visa card. Q: I received this email a of days ago (Alish Hssan Sep 13 (3 days ago) to me Hello my dearest One, I'm happy to inform you about my Favor in getting the fund transferred to a Swiss Account with the help of a new partner from china who is an international businessman. Presently I'm in china for investment projects, Meanwhile I did not forget your past efforts and attempts to assist me in transferring the funds despite that it failed us some how. I'm very much glad to inform you that I left ATM VISA CARD on your name that contains ( $ 350,000 USD ) (Two Hundred Thousand U. S. Dollars ) for you I am giving you this money because of your past efforts and attempts to assist me, however i will like you to Feel free and contact United Bank of Africa (U. B.A) Dakar Senegal email : ( [email protected]

com ) contact U. B.A bank for the ATM VISA CARD. Tell the bank to send the ATM VISA CARD to you through DHL delivery Service, I kept this ( $ 350,000 USD ) for your past efforts and attempt to assist me in the matter of transfer those days ago. I appreciated your efforts at that time very much. So feel free and get in touched with the United Bank of Africa (U. B.A) Dakar Senegal, with the card you can withdraw the money from any bank there in your country or any where in the world. At this moment, I am very busy here because of the investment projects with my new partner. Finally, remember that I had forwarded instructions to the (U. B.A) bank on your behalf for you to receive that money on the ATM VISA CARD. Take care yourself and remain bless. Your good friend Alisha .)You can tell the truth this is real or fake ? Q: Someone send me his money here in western union f rom UBA bank. Why I need to pay 550 us dollar before I received the money plsssss can u explain why. What not autodebit. Q: is there any amount of payment when my husband transfer his money to my bank account (another bank) to other country?? my husbands money was deposited in your bank long time ago. Is there any payment for the said transfer of money to other bank account to another country? Q: WHAT IS THE TREASURY BILL RATE NOW. R: Please, give me the rate for treasury bill if I put in 12000gh? Q: How long will it take to receive my visa debit card when i put in application for a replacement? Q: Please I asked someone to withdraw money for me using ADB Visa, the amount has been dedicated from my account but he didn't get the money.

Please what can I do to get my money back. The total amount is GHs1000.00. Q: Want to take loan from your bank. I receive my salary through my savings account at Ecobank. Thanks. Q: I want to have my visa card and the amount of money on it confirmed for me, it is in Dakar, Senegal branch. Thank you. Q: is there any amount of payment when my husband transfer his money to my bank account (another bank) to other country?? my husbands money was deposited in your bank long time ago. Is there any payment for the said transfer of money to other bank account to another country? Q: Please. I want to know if you do World Remit transfer in your Bank. Thank you. Q: I want to open a dollar account, i live in the US , is it possible for me to open? Ecobank Ghana : Nobel Liberia, Ecobank in Partnership.

In continuation of forming partnership with financial institutions in the country and beyond, Nobel Liberia has added on its list Ecobank as one of its partnerships in the Money Transfer service along with LBDI and IB bank as some of those in the partnership. The partnership with Ecobank is the newest from efforts being made by Nobel Liberia management team with several Liberian banking institutions in order to create easy access to Liberians wanting to receive money from the United States . The program was attended by officials of both institutions including the Managing Director of Ecobank Liberia, Mr. George Mensah Asante. who thanked the management team of Nobel Liberia for the initiative to form partnership with Ecobank in the area of 'Money Transfer Services'. said the initiative being exhibited by Nobel Liberia to establish Money Transfer cells with banking institutions within Liberia must be lauded, and also assured Nobel of his institution's willingness to working with them. For his part, the President and Chief Executive Officer of Noble Liberia, noted with keen interest in the growth and development of the Liberian economy, and further noted that his institution is the only Money Transfer Company that sends money in Liberia , but does not send money out of Liberia , adding, "We will like to keep money in Liberia , rather than sending money out of Liberia ," , in a chat with reporters, stressed. He said his company's remittance service is the most convenience, cheapest and notably the easier way for Liberians in the United States to send money back home to their friends and relatives. Speaking further, Kesselly said Nobel Money Transfer Service is currently available in Michigan , Maryland , North Carolina , Minnesota , New Jersey , Rhode Island , Colorado and Philadelphia with cities and states to follow suit very soon. On the arrangement with Ecobank Liberia and other banking institutions, the CEO of Noble Liberia lauded the management team of Ecobank Liberia considered as the Pan African Bank for its services to people of Liberia , and further lauded other banking institutions that are bringing relief to the Liberian financial sector. Making assurances to the many customers of Noble Liberia Money Transfer Service, said for every ten transactions that will be made by a single individual to receive money from the US, that individual will receive a free Premium bag of Nobel US parboil rice and a T-Shirt. He said this move is Nobel Liberia way of showing love and appreciation to those utilizing their Money Transfer service. In a related development, disclosed that Nobel Money Transfer service will be available in all UBA banks by the end of October. Noble Liberia , since its formation has over the years provided thousands of United States dollars to various charitable Liberian causes; for example, Miss Liberia, Chicago Bright Foundation and Monrovia Football Academy , to name a few. Also present at the occasion were the Financial Comptroller of Nobel Liberia, , Jr., while Ecobank Liberia representatives who also witnessed the occasion included. head of Consumer Banking, ; head of Remittances, ; head of Clients Engagement Management and. Ivy Fairley Fahnbulleh.

, head of Marketing Communication. Customers of Nobel Money Transfer Service can also pick up their money from the Nobel Liberia head office on 11th Street , Tubman Boulevard in Sinkor, located in the Bible Society Building ; working hours daily are 9am through 7pm from Monday through Friday; and on Saturday from 9am to 2pm . How To change and bank. WELCOME TO GHANA ! FOREIGN EXCHANGE & BANKING. Foreword Seven years into Independence, Ghana was still using the Ghana Pound (?G) when, on July 19 th , 1965, the cedi (?) was introduced at its existing parity with the ?G, with a minor unit called the pesewa (p). The new Ghana Cedi ( GHS ) is in circulation since July 2007 when the redenomination resulted in shaving four zeros off; a positive decision for Ghana. New Ghana Cedi notes are since in denominations of 50, 20, 10, 5, 2 and 1. Coins are in denominations of 1 Cedi and 50, 20, 10, 5 and 1 pesewas. Many nationals have a hard time forgetting the old Cedi. You will commonly hear people counting like before 2007: using millions, like five million for GHS 500.00. The million was a commonly used unit and you will often hear amounts based on it, like 2.5, meaning 2.5 million or GHS 250.00. You will get used to it with time and there is anyway a bigger problem about dealing with money in Ghana: depreciation (see further) and lack of change. Indeed, the problem of retailers of all kinds not having change is a hassle you will face on a daily basis, whether with taxis (try to have change), at bars and restaurants, in smaller shops, etc. Staff may even ask for change, saying they don’t have any when they in fact do, sometimes staring at your wallet where they believe they see small notes.

This trouble is worsened by the frequent lack of good customer service in Ghana. It is advised to take this in account by taking money from banks or changers mainly in 5, 10 and 20 notes instead of 50’s and to pay by using notes in relation to the value of the purchase. Exchange rates. For up-to-date exchange rates, please refer to xe. com. Click on Add a currency on the top right of the table and add the Ghana Cedis. Your computer will memorize that setting and all you will have to do each time you need rates is type xe in your browser and enter. FEB 2014 NEWS The Ghana Cedi has depreciated at an increased rate against major currencies in the past months. Several emerging countries have equally witnessed a fall of their currency, linked the new policies of the United States Federal Reserve Bank. Acting on this, the Bank of Ghana has issued new rules on Feb. 4 regulating FOREX accounts and operations. See the BOG notice and clarifications. In related news, Ghana will allow banks to quote Yuan rates and sell the Chinese currency this year in order to decrease the demand for dollars. AUG 2014 NEWS After a first step in June, the Bank of Ghana has scrapped the rules put in effect in February. See the bank’s press release. One may judge the effectiveness of the 6-month long rules by the evolution of exchange rates: the Ghana Cedi was 2.46 for a US Dollar and 3.33 for a Euro on February 4 and 3.62 for a US Dollar and 4.86 for a Euro on August 8. 2015 update : after months of “stability” since October 2014 at around 4 Cedis to a euro, the Ghana currency has been on a roller coaster since April.

Within May and June, it went down to 5 to a euro, to gain back to 3.6 in July, to reverse to 5 again in August but gain again since to stand at 4.2 on this September 4 th . 2016 update : Winter 20152016 was quite stable on the exchange front but as summer comes, the Cedi is starting to depreciate slightly at 3.9 per US$ and 4.35 per euro. This should amplifies as during each PresidentialGeneral election year (2016 elections to take place in November) Mid-2018 update : after a long stable period at around 4.4 per US$ and 5.2 per euro., the Cedi lost value late Spring and now stands at 4.6 per US$ and 5.5 per euro. See our live exchange table on the lower right side of every page of the website (except on the real estate and travel sections). Foreign Exchange – Cash. Foreign currency can be freely exchanged at any foreign exchange bureaus (Forex) in the country with a maximum of $10,000 or its equivalent per transaction. There are many bureaus in all major towns and cities and they tend to give better rates for large-denomination bills than banks normally do but overall, banks have become quite competitive. However, banks will change only for account holders. For purchase of foreign currency, your bank cash rates should be checked before any large transaction. The US Dollar is the most widely used currency in Ghana (many prices are quoted in US$, although the Bank of Ghana has been fighting this for years), but the euro has gained good recognition. Other major currencies are accepted as well. Always bring large notes, 50’s and mostly 100’s being the best for the US$ (not older than 2006) and the euro. For large amounts, you may prefer to transact in the confidentiality and security of you home or office. Should you not wish to change at a changer or at your bank, you may be met by a money changer. Indeed, there are Forex dealers who will meet you at the place of your choice after agreeing on an rate on the phone but we cannot list any here.

Ask reliable suitable Ghana sources who may know one or more. Although you will be rarely solicited, do not allow an individual on the street to exchange money for you, even if he quotes you good rates… there’s a strong likelihood the money is counterfeit. Forex bureaus in Accra can be found at these locations. OsuOxford street. That is the area with most Forex bureaus and where branches of the main banks may be found. Here are four, within a 100 meters area as you enter Oxford Street from Danquah Circle (the runabout at the junction of Ring Road and Oxford Street): § Abdex Forex Bureau, on Ring Road, 50 meters east of Koala Supermarket, right after Macumba night club’s building, § Penta Forex Bureau, on the ground floor of the Penta Hotel building, across from Total petrol station, § Qwick Forex, on the first floor, across from the two-storey shopping complex where Barclays was before. Further down the street: § glass-booth on the parking of Frankies (south side) : the rates are the best around Osu. § Forbes Forex Bureau, on the right at the entrance of the street on the right of the new Oxford Street Mall. § Mirabel Forex in the building behind Oxford Street Mall (where Shoprite is located) § Firstrock Forex Bureau, 20 meters south of Papayes Restaurant intersection, on the same sidewalk. Other locations south of the airport. In Ridge at Alisa Hotel, street side, River Park Forex Bureau In Labone, just north of Ecobank, Ganest Forex Bureau on the main road in the small Premier Point shopping center AND Rite-Stat Forex Bureau (0302 760 089 - 0243 171 470) at Labone Coffee Shop, across from Chase Restaurant Kafsons Forex Bureau, on the south side of Ring Road Central, about 500 hundred meters west of Danquah Circle, across from UN offices, next to Honeysuckle pub African Forex near Nkrumah Circle, on Ring Road Central at the feet of the Kojo Thomson Road overpass, about 200 meters east of the Circle. Easily accessible on foot from Busy Internet Cafe Across the road from the Total petrol station adjacent to Max Mart Supermarket, just north of 37 intersection on Liberation Road Inside Golden Tulip Hotel (0700-2100) on Liberation Road. Airport and north of the airport.

Holiday Inn, immediately on the right as you enter the hall (0730-1930) The latter has a branch in the nearby Marina Mall (on the left after the ground floor entrance, before the supermarket - 0900-2030) THE ABOVE THREE ARE GIVING THE BEST RATES IN ACCRA. Airport, at Imperial Peking restaurant Airport Residential Area, at the ground floor of Aviation House Accra Mall, at Yasore, near the north entrance, across from the pharmacy East Legon, Mercod Forex Bureau at A&C Mall. In case of larger amounts, negotiating rates is advisable. See the Editor's Note at the end of the page about sending out or receiving in Ghana large amounts. Note on the CFA currency and changing at Ghana’s borders. Surprisingly for a currency used in all countries surrounding Ghana (and more), it is one that is difficult to buy at many Forex bureaus as they are often out of it. Not a real issue as you will be able to buy CFA at all land borders or airports but make sure you have checked the exchange rate beforehand so you will not be taken advantage of. Use caution at the land borders with numerous individuals propose to change money and check all and each bill carefully before handing out your money so no smaller bills are hidden in the pack. Although you might need CFA to pay for your Togo visa on arrival (10,000 - 15 euro equivalent - valid one week) and therefore will need to have that amount, it is advised to change on the Togo side, just after Immigration where the taxi-motos are waiting for customers. Foreign Exchange – Credit cards. All main banks have ATM’s you can use your card to get local currency. It used to be difficult to find banks in Ghana which accept credit cards other than VISA. Stanbic Bank, the winner at Ghana Club 100 2010 Awards for Financial Services, has the best ATM's, accepting VISA, Mastercard, Cirrus, Plus and Diners Club but they have few branches (the main one is at Stanbic brand new HQ in Icon House across SilverStar Tower on Liberation Road since late 2014 - another is on Ring Road Central, across from the Lufthansa office building, just west of Nima Junction).

Now, Mastercard is also served by Ghana Commercial Bank and GT Bank. Note that there is an area at Accra Mall next to the north food court entrance which has ATM's from eight major banks. Many of these banks have branches on the right of the south entrance of the mall as well. Before you leave your home country, find out about charges for using your credit card at ATM’s abroad and your daily or weekly limits . If the charges are high, then find a balance between frequency of withdrawals and amount of cash in hand (your access to a safe place to store cash must be considered). Withdraw cash for free in Ghana. The ATM Alliance is a global association of banks which let clients withdraw money at ATM’s of all members without commission. Should you card be issued by either Bank of America (United States), BNP Paribas (France), Deutsche Bank (Germany, Poland, Czech Republic, Spain, Portugal and Italy), Santander Serfin (Mexico), Scotiabank (Canada, Caribbean, Peru, Chile and Mexico), Westpac (Australia and South Pacific countries), BankSA (Australia), ABSA (South Africa), UkrSibbank (Ukraine) or China Construction Bank, you will benefit from commission-free cash withdrawals at Barclays’ ATM’s in Ghana. Note for Bank of America card holders: the 1 to 3% International Transaction FeeForeign Currency Fee will still be charged. Payment with credit cards. Ghana is yet to develop a “plastic culture” and still widely functions as a cash economy. Most shops only accept cash, other than a few supermarkets and a limited number of hotels and restaurants that accept credit cards. Sad to say, credit card fraud abounds in Ghana. For example, airlines won't let you pay online if they dete ct that your IP address is from a computer located in Ghana: you will have to go to their bank or office to pay for your reservation.

For security reasons, do not use your credit card except in a limited number of high-end establishments in Accra. Employ all precautions using you credit cards, such as not letting your card away from your sight and do not have a third party sent a fax for you which includes your credit card number. Lost or Stolen Credit Cards. Get the number for you home country from the issuing bank, the documents that came with your card or the relevant website. Or call: Visa: 410-581-9994 or 410-581-3836. American Express: 336-393-1111. Foreign Exchange – Travelers’ cheques. Surprisingly, travelers’ cheques do not come handy in Ghana and can be changed in rare locations in Accra only. With your passport and purchase receipt, go to the Barclay’s branch in Osu. There might be a limit to how much you can cash per day (equivalent of 150 Pounds). We have heard that Standard Chartered Bank has stopped cashing TC's. We advised to take travelers’ checks in US Dollars, Euros or Pounds Sterling.

Considering that travelers’ cheques are uneasy to cash in Ghana, give lower rates than cash and that security is good, we advice to reduce the amount you will bring in that form or avoid them all together. Banking. Ghana’s banking sector. Ghana’s formal banking sector is comprised of the Central Bank (the Bank of Ghana) and a quite large number of banks, including commercial banks, development banks, merchant banks and a plethora of rural banks. As the Central Bank, the Bank of Ghana has the responsibility of implementating monetary policies. Till the end of last century, banking in Ghana was dominated by state-owned institutions and showed few signs of competition. Within the next decade, however, a few state-owned banks have been privatized under the government’s Divestiture Implementation Program and the commercial banking sector has attracted several national, African and international banks. Despites the fact that the Ghanaian economy runs strictly on cash with as little as 10% of Ghanaians owning bank accounts, the banking sector is now well developed. Opening an account. One of the first things we advise to do on arrival is to put your cash in a bank after changing it. You will anyway probably need an account at some point during your posting. So don’t wait and enjoy right away the safety and the convenience of having your money in a safe place and being able to get cash as and when you need it with the ATM card the bank will give you. Easy, safe and convenient.

Choose the most affordable ATM card unless you wish to pay with a local VISA cards for various expenses in Ghana. The documents required for opening an account at any bank generally are your passport, another ID (an International Driving License is accepted) and proof of residence. Some banks will open an account before you have your residence or work permit if you provide a six-month statement from your bank at home. Ask your expat colleagues and your company's finance manager. US$ and other foreign currency accounts are also available. By changing your Cedis into US$ or euros or other strong foreign currency, your money will be protected from further devaluation of the Ghana Cedi and you can sell your foreign currency into Cedis at your bank cash buy rate when needed. Beware: withdrawing foreign currency from a foreign currency account fed by transfers or cheques will a fee of 2.5 or 3%. As far as fees, know what you will mainly use your account for and study fixed and transaction-based costs before choosing a bank and an account type. Should you maintain a certain balance, require no specific services and use ATM’s of the bank only, a personal account (sometimes called savings even so it is not) should be nearly free of charge. For information on corporate accounts, kindly write to [email protected] com . The top four banks in Ghana are, in alphabetical order, Fidelity Bank, Ecobank, Societe Generale Ghana (ex. SG-SSB) and Standard Chartered Bank. Others are Barclays, CAL Bank, Intercontinental Bank, Stanbic, United Bank for Africa and Zenith Bank.

For emergencies, Western Union services are available from the Ghana Post Office for immediate transfer of money to or out of Ghana. Many banks, like Standard Chartered Bank and GT Bank, do offer Western Union service as well, but not at all branches. We heard that Western Union cannot be used to send money out of Ghana anymore. Note: since the Banking Act of 2007, it has become possible for non-resident individuals and foreign companies to open offshore bank accounts in Ghana. Find details at Stanbic at +233 209 980 434. Banking Hours. Commercial banks open from 8.30am to 4, 4.30 or 5pm (3pm on Fridays) on weekdays. The Prestige Centers of Barclays (Osu, High Street, Nkrumah Circle, Kumasi and Tamale) serve their customers till 6pm and on Saturday mornings. With this service, you will almost never wait in line at a bank anymore. The monthly fee is GHS 15. Loan rates At 20 to 25 percent APR, interest rates are prohibitively high in Ghana. The nearly 20 percent inflation rate of the past years (down from 30 percent five years ago) is now around 1517 percent but that has not yet reflected on the bank rates and inflation remains a daily issue.

See the Editor's Blog post "Inflation and monetary policy contradictions in Ghana (with notes on GDP, public debt and exchange rates)" . More information on banks in Ghana on the website of the Ghana Association of Bankers. You may also visit the website of the Bank of Ghana. For transfers, you will find Ghana banks' swift and sort codes here. VAT and NHIL. The government charges a 15 percent Value-Added-Tax plus a 2.5 percent National Health Insurance Levy on most imports, all consumer purchases, services, accommodation in hotels and guest houses, food in restaurants, hotels and snack bars, as well as advertising, betting and entertainment. This 17.5% is included in retail prices. It was 15% untill 2014. For large amounts, ask to see the VAT certificate of the business you are dealing with.

They must have it and willingly show it . Sellers must also be able to provide you with an official VAT invoice upon request. This will ensure the tax goes to the Government and not in an unscrupulous individual’s pocket. EDITOR'S NOTE ON TAKING MONEY OUT OF GHANA Should you need to change and send large amounts of Cedis into US Dollars, euros or another leading foreign currency to take out of Ghana, the first thing that comes in mind is a bank transfer: it is safe, avoids manipulating cash and your bank at home will not question the origin of the funds. Each individual in Ghana may transfer up to US$ 10,000 equivalent once a year without documentation and any amount in any frequency with documentation. The issue is the fees: generally 1% plus a Swift fee, not counting that of the intermediary bank if any and destination bank, even if the funds are received in the currency of the account. As an example, sending 18,000 euros to a euro account in Europe ended up costing 265 euros in total fees. There are two solutions to avoid bank fees: - each individual can take up to US$ 10,000 or equivalent in cash each time heshe travels out of Ghana. Take along the receipt from the money changer, whether the forex bureau or your bank, to show at destination if requested. Although not as good as the transfer exchange rate, note that the cash rate your bank will offer you for purchasing foreign currency from Cedis in your account might be better than a negotiated rate in the best forex bureau. Should you buy currency at your bank, they often will give you a receipt with the numbers of all bank notes given. - we have heard of foreign individuals and companies giving local currency in Ghana to expatriates in need of Cedis against a bank transfer abroad, using the middle rate and saving fees for both side. In general, the persons needing the Cedis in Ghana are expatriates receiving their salaries at home and this avoids costs linked to sending money to Ghana.



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