Ghana (GH)
Ghana is one of West Africa's most attractive expat bases: English-speaking, politically stable, culturally warm and increasingly connected to the global African diaspora.
Banking in Ghana
Recommended banks, payment culture and credit score basics.
Ghana's banking sector is regulated by the Bank of Ghana (BOG). The currency is the Ghanaian Cedi (GHS). The sector underwent a major consolidation in 2017–2019 when the BOG revoked the licences of several undercapitalised banks — the surviving banks are generally well-capitalised and BOG-compliant. For expats, the combination of a formal bank account and an MTN Mobile Money wallet is essential: bank accounts handle salary and large transactions, while MoMo handles everyday payments, vendor payments, and cash transfers. Account opening requires a Ghana Card or Non-Citizen Ghana Card (issued by the National Identification Authority — NIA), a valid passport, proof of Ghanaian address, and documentation of residence status. Fees are typically quoted in GHS and can change frequently due to inflation — verify current rates directly with the bank. USD and EUR accounts are available at most major banks and are strongly recommended for expats as a hedge against GHS depreciation.
Recommended banks
Ecobank Ghana
EnglishMonthly fee: GHS 0–30/month for standard current account; premium packages from GHS 50/month
Requirements: Valid passport, Non-Citizen Ghana Card (from NIA), proof of Ghanaian address (utility bill or tenancy agreement), residence permit or work permit, employer letter or proof of income. In-person branch visit required. Ecobank Ghana is part of Ecobank Group — the pan-African banking group with operations in 35 African countries.
- + Pan-African network — best bank for expats working across multiple African countries (Ecobank presence in Côte d'Ivoire, Nigeria, Senegal, Kenya, and 30+ others)
- + Good English-language service at main Accra and Kumasi branches
- + USD and EUR accounts available alongside GHS
- + International Visa and Mastercard debit cards accepted outside Ghana
- + SWIFT international transfers available
- + Corporate and business banking for NGOs and international companies
- + Ecobank Mobile app with USSD backup for areas with weak data connectivity
- - KYC documentation requirements are thorough — Non-Citizen Ghana Card required; tourist passport alone is not sufficient
- - Branch queues can be long at peak times — Accra High Street and Airport City branches fastest for expats
- - GHS deposits subject to depreciation risk — maintain USD/EUR savings account for medium-term savings
Stanbic Bank Ghana
EnglishMonthly fee: GHS 20–60/month for standard accounts; Business Banking packages from GHS 80/month
Requirements: Valid passport, Non-Citizen Ghana Card, proof of Ghanaian address, work permit or residence permit, employment contract and employer letter. In-person visit required. Stanbic Bank Ghana is the Ghanaian subsidiary of Standard Bank Group (South Africa).
- + South African parent (Standard Bank Group) — good for expats with SADC business connections
- + Strong corporate and salary banking — widely used by multinational employers for staff payroll
- + USD, EUR, and GHS accounts; international Visa/Mastercard cards
- + SWIFT international transfers with competitive USD rates
- + Private banking for senior-level expats and high-net-worth individuals
- + Online banking and Stanbic Mobile app available
- + Good for expats in the mining, oil & gas, or financial services sectors
- - Higher minimum balance requirements and monthly fees than local banks
- - Smaller branch and ATM network than Ecobank or GCB
- - Account opening process more documentation-intensive than local banks
Absa Bank Ghana
EnglishMonthly fee: GHS 15–50/month; Premier accounts from GHS 80/month
Requirements: Valid passport, Non-Citizen Ghana Card, proof of Ghanaian address, work/residence permit, proof of income or employment letter. In-person branch visit required. Absa Bank Ghana is the Ghanaian subsidiary of Absa Group (South Africa, formerly Barclays Africa).
- + South African parent (Absa Group, formerly Barclays Africa) — familiar for British and Southern African expats
- + Good Premier Banking service for qualifying income-level expats
- + USD, EUR, and GHS accounts; international Visa/Mastercard debit and credit cards
- + Online banking and Absa Ghana Mobile app with reasonable functionality
- + SWIFT international transfers; competitive remittance rates for USD
- + Good for expats employed in formal corporate or professional roles
- - Branch queues can be long at Absa Osu, Accra Mall, and Kumasi branches
- - Smaller ATM footprint than Ecobank or GCB Bank
- - Monthly fees apply without qualifying balance or income deposit
GCB Bank (Ghana Commercial Bank)
EnglishMonthly fee: GHS 5–20/month; some basic accounts free
Requirements: Valid passport, Non-Citizen Ghana Card, proof of Ghanaian address, residence or work permit. GCB Bank is Ghana's largest locally-owned commercial bank and is government-linked (Ministry of Finance holds a significant stake).
- + Largest locally-owned bank in Ghana — extensive branch and ATM network, including strong presence in regional capitals (Kumasi, Takoradi, Tamale)
- + Lower fees than international banks — good for budget-conscious expats
- + Government-linked — trusted for public-sector payroll and official transactions
- + GCB Mobile App for everyday banking; USSD banking available for low-connectivity areas
- + USD and GHS accounts available
- + Good for expats working in education, healthcare, or government-linked organisations
- - Digital banking app and online platform less sophisticated than Ecobank or Stanbic
- - English service is standard but branch processes can be slower than international banks
- - International wire transfer capabilities more limited — use Ecobank or Stanbic for frequent SWIFT transfers
MTN Mobile Money (MoMo)
EnglishMonthly fee: Free to maintain wallet; transaction fees: 0.5–2% per transfer (varies by amount and network)
Requirements: MTN SIM card registered in your name (requires passport or Ghana Card). Full KYC upgrade (for higher transaction limits) requires Non-Citizen Ghana Card or passport at any MTN service centre. Can be set up at any MTN outlet or authorised agent within 15–30 minutes.
- + Essential for daily life in Ghana — widely accepted by market vendors, taxis, artisans, domestic workers, and small shops
- + Instant transfers to any Ghanaian mobile number on any network via GhIPSS interoperability
- + Pay bills: utilities (ECG electricity, Ghana Water), school fees, government fees
- + MoMo merchants everywhere — use QR code or phone number at almost any business
- + Cash-in/cash-out at vast network of MTN agents across all regions including rural areas
- + Receiving international remittances: WorldRemit, Remitly, and Western Union can send directly to MoMo wallet
- - Not suitable as primary account for large salary amounts or international transactions
- - Daily transaction limits (standard: GHS 3,000/day; enhanced KYC: GHS 10,000/day)
- - Fraud risk — SIM swap scams are a known issue; keep SIM registered in your name and use 2FA
- - Interface primarily in English with some local language options — customer service quality varies by channel
Payment culture
Ghana operates a dual cash/mobile money culture. MTN Mobile Money (MoMo) is the dominant payment method for everyday transactions among the Ghanaian population and is widely accepted by informal vendors, taxis, markets, and small businesses. Cash (GHS) remains essential for small transactions where MoMo is not available and for rural areas. Card payments (Visa, Mastercard) are accepted at: supermarkets (Carrefour — formerly Shoprite Ghana, rebranded from April 2026; Game; MaxMart; Palace Hypermarket), international restaurants and hotels, petrol stations, and airport shops. Contactless card payments are growing but not universal. American Express has very limited acceptance. GhIPSS (Ghana Interbank Payment and Settlement Systems) operates the national interbank infrastructure — all mobile money networks can transfer to each other and to bank accounts via GhIPSS. Always carry GHS 200–500 in cash for situations where digital payments fail (network outages are not uncommon).
Cash access
ATMs are widely available in Accra (Osu, Airport City, East Legon, Cantonments) and Kumasi (Adum, Asokwa). Ecobank and GCB Bank have the widest ATM networks nationally. Foreign card (Visa/Mastercard) ATM withdrawals: GHS 15–30 per withdrawal at most Ghanaian ATMs plus home bank international fees. Daily withdrawal limit at Ghanaian ATMs: typically GHS 2,000–5,000 for foreign cards. Avoid isolated street ATMs and freestanding kiosks — use bank-branch ATMs during banking hours where possible (card skimming is a known risk at isolated machines). Regional towns (Cape Coast, Tamale, Bolgatanga): ATMs available at main bank branches; carry adequate cash when visiting rural areas or during public holidays when ATMs may run dry.
XDS Credit Bureau Ghana
The main credit bureaux licensed by the Bank of Ghana are XDS Credit Bureau (xdscreditbureau.com) and Hudson Price Credit Bureau (hudsoncreditgh.com). Individuals can request their credit report from XDS Credit Bureau at their Accra office or online. Banks report to these bureaux when you have loans, credit cards, or overdrafts.
Free annual check: One free credit report per year is available from XDS Credit Bureau under Bank of Ghana credit reporting regulations. Contact XDS directly for the current request procedure.
Foreign nationals arriving in Ghana have no local credit history. Banks assess creditworthiness through income documentation, employment contract, employer reputation, and banking tenure. Build a 12-month history of regular salary deposits at Ecobank or Stanbic before applying for a credit card or personal loan. Foreign credit histories (UK, US, EU) are not recognised by Ghanaian banks. USD-denominated loans may be available to senior expats with strong employer letters.
International transfers
SWIFT international transfers are available at Ecobank, Stanbic, Absa, and GCB Bank. Outgoing SWIFT fees: GHS 150–400 + 0.1–0.25% of amount. Processing: 2–5 business days. For receiving money from abroad: Wise (wise.com) is used by expats — send to a Wise USD account then transfer to Ghanaian USD bank account via SWIFT. WorldRemit, Remitly, and Western Union send directly to Ghanaian bank accounts or MTN MoMo wallets — useful for family remittances. Currency controls: Ghana has exchange control regulations — large outward transfers (over USD 10,000 equivalent) require Bank of Ghana approval and source-of-funds documentation. USD and EUR accounts are recommended for holding savings to avoid GHS depreciation.