Ghana Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in ghana, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
Select Country Guide
Trade Financing
Last published date:

Methods of Payment 

U.S. exporters selling to Ghana for the first time are advised to transact business only based on cash-in-advance or an irrevocable letter of credit confirmed by a recognized international bank. Any other form of payment carries a high level of risk. For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide. Due to Ghana’s credit risk status, U.S. Export Import Bank (EXIM) financing is currently not available for private sector or sovereign deals. Export credit insurance from EXIM is also not available. Please see EXIM’s Country Limitation Schedule for updates. 

There are other possible options for U.S. exporters. The establishment of the African Trade Insurance Agency (ATI) in 2001 strengthened and increased foreign trade by providing cover against non-commercial risks such as war, trade embargoes, expropriation, and seizure of goods. ATI has support from the International Development Association (an arm of the World Bank), and offers insurance at lower costs than most private, commercial insurers. 

Since 2003, ATI supported over $13 billion worth of trade and investments across the continent, secured an investment grade rating of ‘A’ from Standard & Poor’s, and expanded membership to more than a dozen African countries, including Ghana. With Standard & Poor’s “A/Stable” credit rating, U.S. exporters can consider risk management solutions from ATI for potential sales to Ghana and other African countries.

Export credit insurance (ECI) can protect an exporter of products and services against the risk of non-payment by a foreign buyer. ECI policies are offered by many private commercial risk insurance companies, and U.S. exporters are strongly encouraged to shop for a specialty insurance broker who can help them select the most cost-effective solution for their needs. Reputable, well-established companies that sell commercial ECI policies can be easily found on the Internet. A list of active insurance brokers registered with EXIM is available at www.exim.gov or 1-800-565-EXIM. 

Banking Systems

Ghana’s formal banking sector is composed of the Central Bank (the Bank of Ghana) and 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. 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

After the enactment of the 2006 Foreign Exchange Act, restrictions on payments for goods and services imported into Ghana was very rare. In November 2022, however, during Ghana’s financial crisis, the Bank of Ghana announced the temporary withdrawal of foreign exchange support for rice, poultry, vegetable oils, pasta, and fruit among other goods. In general, 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 are allowed to undertake imports through direct transfer from these accounts up to $50,000 without pre-submitting documentation (an increase from $25,000 in 2014). Foreign exchange bureaus are in operation throughout Ghana. 

The Central Bank has taken steps to stem the tide known as the “Dollarization of the Economy,” which is a trend where many products and services are quoted in U.S. dollars rather than the domestic currency. Although the practice is prohibited, it is still common in advertising and sales of real estate, automobiles, hotel accommodation, rent, and education, especially schools offering international courses. The current rule is for institutions that believe they have a business case for pricing their products or services in U.S. dollars may apply for a license from the Central Bank; however, many businesses that do not have such licenses still engage in the practice. The Central Bank has given strong indication that it will no longer grant such licenses and will strictly enforce the laws by identifying and prosecuting such offenders.

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. 

For additional information, visit the U.S. Department of State Investment Climate Statements.