The new Ghana Cedi GHS is in circulation since July 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 The million was a commonly used unit and you will often hear amounts based on it, like 2. You will get used to it with time and there is anyway a bigger problem about dealing with money in Ghana: 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.
This trouble is worsened by the frequent lack of good customer service in Ghana. For up-to-date exchange rates, please refer to xe. 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. 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. 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. One may judge the effectiveness of the 6-month long rules by the evolution of exchange rates: Within May and June, it went down to 5 to a euro, to gain back to 3.
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. 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. Other major currencies are accepted as well. 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. Forex bureaus in Accra can be found at these locations. That is the area with most Forex bureaus and where branches of the main banks may be found.
Further down the street: In case of larger amounts, negotiating rates is advisable. 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, - 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. 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.
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. Note for Bank of America card holders: Payment with credit cards. 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: 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. There might be a limit to how much you can cash per day equivalent of Pounds.
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.
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. Easy, safe and convenient. 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. Your money will be protected from the devaluation of the Ghana Cedi and you can change as you need.
You can sell your foreign currency into Cedis at your bank cash buy rate. 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. For information on corporate accounts, kindly write to services accraexpat.
For emergencies, Western Union services are available from the Ghana Post Office for immediate transfer of money to or out of Ghana. Commercial banks open from 8. With this service, you will almost never wait in line at a bank anymore. The monthly fee is GHS 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. The government charges a 15 percent Value-Added-Tax plus a 2. 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. The issue is the fees: As an example, sending 18, euros to a euro account in Europe ended up costing euros in total fees. There are two solutions to avoid bank fees: 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. Search for a company - Browse the directory - Access thousands of businesses in Ghana - Get listed. We are a software company aimed at providing the best solutions to meet the needs of our clients.
Tell a friend about accraexpat. Today, Sun, Dec 03 Member Login Sign Up. Exchange rates For up-to-date exchange rates, please refer to xe. 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. 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.
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