Ghana - Country Commercial Guide
Trade Financing
Last published date: 2020-08-31

Methods of Payment

Traditional trade finance instruments, such as letters of credit, collections and funds transfer are available to exporters. If a letter of credit is chosen, the exporter should require an irrevocable, confirmed letter of credit to ensure prompt, reliable payment.

Banking Systems

Ghana’s formal banking sector is composed of the central bank (the Bank of Ghana) and a number of other banks, including commercial banks, development banks, merchant banks and a plethora of rural unit banks. As the Central Bank, the Bank of Ghana has the responsibility for implementation of monetary policies.   Previously, banking in Ghana was dominated by state-owned institutions and showed few signs of competition. Within the last decade, however, some state-owned banks have been privatized under the government’s Divestiture Implementation Program. Non-banking financial institutions comprise a stock exchange, insurance companies, the social security and national insurance trust, discount houses, building societies, venture capital companies, mutual funds and leasing companies.

Foreign Exchange Controls

Since the enactment of the 2006 Foreign Exchange Act, there are no restrictions on payments for goods and services being imported into Ghana. However, banks must submit reports of all payment transactions to the Bank of Ghana. Residents and non-residents are permitted to maintain Foreign Exchange Accounts with local banks. Importers can undertake imports through direct transfer from this account up to $50,000 without pre-submitting documentation (an increase from $25,000, implemented in 2014).  Foreign exchange bureaus are in operation throughout Ghana. 

U.S. Banks & Local Correspondent Banks

For an up-to-date list of Ghanaian merchant and commercial banks that have correspondent U.S. banks, please contact the U.S. Commercial Service Ghana.