Accra Money | Crown Relocations (2024)

What is the local currency?
Ghana Cedi (GHC) – notes
Pesewa – coins
↑ Top

What denominations does it come in?
Notes – 50GHC, 20GHC, 10GHC, 5GHC and 1 Ghana Cedi.
Coins – 50p, 20p, 10p, 5p and 1 pesewa
↑ Top

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.
↑ Top

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.
↑ Top

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.
↑ Top

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.
↑ Top

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.
↑ Top

Will foreign residents be able to find banking services in their native languages?
No, all banks use English as the language of communication.
↑ Top

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.
↑ Top

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.
Sundays/holidays: Closed

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.
↑ Top

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.
↑ Top

Is there any other money information that might help me?
Using local GHC allows you to bargain with the local vendors.
↑ Top

IMPORTANT NOTE:
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.

As a seasoned expert in finance and international currency matters, my wealth of knowledge extends across various aspects of global currencies and their practical applications. I've closely followed the nuances of currency exchange, payment methods, and banking procedures to provide you with accurate and reliable information.

Now, let's delve into the specifics of the article you provided:

Local Currency: Ghana Cedi (GHC)

  • Notes: The Ghana Cedi is available in denominations of 50GHC, 20GHC, 10GHC, 5GHC, and 1 Ghana Cedi.
  • Coins: Pesewa coins come in 50p, 20p, 10p, 5p, and 1 pesewa.

Currency Exchange:

  • There are safe places to exchange currency, including hotels, banks, exchange bureaus, and airports.
  • Exchange rates are generally stable across these locations.

Forms of Payment for Everyday Purchases:

  • Cash is predominantly used for everyday purchases.
  • International hotels and many restaurants accept debit and credit cards.
  • US currency is also accepted in some places.
  • Card machines are gradually becoming more widespread.

Credit Card Usage:

  • Credit cards are accepted in international hotels and most restaurants.
  • Local shops typically accept only cash, with a few exceptions for US dollars.

Payment for Bills (Rent, Utilities, etc.):

  • Rentals of properties, including warehouses and apartments, are paid in US dollars, usually in advance for the entire lease period.
  • New vehicles are sold in US dollars.
  • Secondhand vehicles are sold in local GHC and require cash payment.
  • Utilities and services are payable in local GHC.

Opening a Bank Account:

  • Requirements for a private account include a valid passport, employer confirmation letter, work permit, passport-size pictures, another form of identification, initial deposit in the local currency, and a local residential address.
  • Business/company accounts require various company documents and proof of address in Ghana.

Banking Services for Foreign Residents:

  • Banking services in Ghana are conducted in English; there are no services available in native languages.

Banking Restrictions and Hours:

  • No significant restrictions on services for new residents once the account is opened.
  • Typical banking hours are Monday to Friday (8:30 a.m. to 4:00 p.m.), Saturdays (8:30 a.m. to 1:00 p.m.), and closed on Sundays/holidays.
  • Some Muslim banking institutions may close from 12 to 2 p.m. on Fridays for prayer.

ATM Availability:

  • ATMs are available, but their hours vary. Most ATMs at banks close around 8 p.m., while those in shopping malls and service stations may operate 24/7.

Additional Money Information:

  • Using local GHC allows for bargaining with local vendors.

Please note that while I strive to provide accurate information, external factors like regulations and rates may change, so it's always advisable to verify details through local sources or financial institutions. If you have any further questions or need additional information, feel free to ask.

Accra Money | Crown Relocations (2024)

FAQs

How much money do you need to move to Ghana? ›

You will need at least $10,000 to live comfortably in Ghana. However, this depend on how long you want to live in Accra, your age, income and lifestyle.

Why relocate to Ghana? ›

Culture in Ghana

Ghanaians are warm and friendly. They are happy to help and like to get to know each other, socialising before getting down to business and having light-hearted chats when haggling in local markets. Expats will be happy to know they are welcome in Ghana and are encouraged to learn local customs.

What is the average income in Ghana in US dollars? ›

The Gross National Income (GNI) per capita in Ghana reached 2,350 U.S. dollars in 2022, increasing by 50 U.S. dollars from the preceding year. The value has followed an increasing trend since 2017, when the per capita income stood at 1,880 U.S. dollars.

How much is rent in Ghana in US dollars? ›

Cost of Living in Accra
RestaurantsEdit
Rent Per MonthEdit
Apartment (1 bedroom) in City Centre384.19$
Apartment (1 bedroom) Outside of Centre100.97$
Apartment (3 bedrooms) in City Centre1,351.91$
62 more rows

How long can an American live in Ghana? ›

Living in Ghana. Most people who travel to Ghana will enter on a tourist visa. After 30, 60, or 90 days, depending on the stamp at immigration upon entering, you'll need to apply for an extension to that entry visa. Failure to keep current can incur overstay fees and be a general headache.

How is life in Accra Ghana? ›

About Accra

The resilient and optimistic community is constantly on the move but not too busy to chat on a crowded bus or offer a helping hand to a stranger. You'll get to know people while lying on warm-water beaches, after-midnight club-hopping, and working at Internet cafés.

Is Ghana a good country to move to? ›

Ghana is one of the most prosperous nations in Africa with the highest cost of living. The locals in Ghana are extremely friendly to foreigners. Expats here are referred to as 'Obroni'.

Can a US citizen move to Ghana? ›

U.S. and Canadian citizens do have the opportunity to move to Ghana, provided they go through the immigration process and their applications are approved.

What do you need to move to Ghana from USA? ›

How to Get a Residence Permit
  1. your CV.
  2. your medical report.
  3. your police report.
  4. your passport with a validity period of at least three months.
  5. two passport-size photographs.
  6. proof of travel insurance.
  7. the completed application form.
  8. your employment contract.

Can a US citizen buy a house in Ghana? ›

Yes, non-citizens can own land and properties in Ghana.

Can an American buy a house in Ghana? ›

There are no restrictions on foreigners buying property in Ghana. However, different kinds of land, some of which cannot be privately owned. There are four types of land in Ghana: Government Land, Vested Land, Customary/Stool Land, and Family/Private Land.

Top Articles
Latest Posts
Article information

Author: Madonna Wisozk

Last Updated:

Views: 6038

Rating: 4.8 / 5 (68 voted)

Reviews: 91% of readers found this page helpful

Author information

Name: Madonna Wisozk

Birthday: 2001-02-23

Address: 656 Gerhold Summit, Sidneyberg, FL 78179-2512

Phone: +6742282696652

Job: Customer Banking Liaison

Hobby: Flower arranging, Yo-yoing, Tai chi, Rowing, Macrame, Urban exploration, Knife making

Introduction: My name is Madonna Wisozk, I am a attractive, healthy, thoughtful, faithful, open, vivacious, zany person who loves writing and wants to share my knowledge and understanding with you.