Visitors to Ghana are allowed to bring an unlimited amount of foreign currency into the country, though it is subject to declaration at customs control. However, the cedi is Ghana’s only legal currency, so travelers must exchange foreign money prior to making any purchases.
Cedi notes are issued in the following denominations: 50, 20, 10, 5, 2 and 1. Just like cents are fractions of a dollar, in Ghana, pesawas are fractions of a cedi. Coins are minted in the following denominations: 1 GHC, 50p, 20p, 10p, 5p and 1p.
People who have previously visited Ghana are allowed to bring a limited amount of cedis and pesawas back into the country, limited to amounts previously declared in the traveler’s passport or other travel documents. The maximum amount of cedis that can be taken out of Ghana is the equivalent of $10,000 US.
Since the cedi is Ghana’s only legal currency, the country’s residents are prohibited from participating in any foreign currency transactions. Ghana’s Exchange Control Law of 1986 (PNDCL 149) specifies laws regarding foreign currency.
Section 1A of the Exchange Control Law declares that Ghana residents shall not receive any foreign currency as pay for rent, services rendered or the sale of goods or property. Further, Section 5(2) states that no person shall make a payment in external currency to any Ghana resident.
Travelers have the option of using credit cards at some major hotels, restaurants and shops. American Express, Visa and Diners Club are the most popular credit cards accepted in Ghana. In addition, some banks may provide cash advances in cedis against major credit cards. However, travelers should be cautious because credit card fraud is very common in Ghana.
In Ghana, foreign currency can be exchanged at authorized dealers, generally limited to Forex Bureau offices, some commercial banks, authorized hotels and duty free shops endorsed by the Ghana Tourist Board. Travelers’ checks may also be exchanged at these institutions, though cash transactions are processed at preferred rates. An adjustable exchange rate is used between the cedi and the US dollar. Travelers are advised to keep currency exchange receipts to facilitate easier re-exchange transactions when leaving the country.
Banking hours in Ghana are typically 8:30 a.m. to 4 p.m. Monday through Friday and on Saturday at some banks from 9 a.m. to 2 p.m. Many large commercial banks also have outdoor ATMs, though there are limits to the amount of cedis that can be withdrawn at one time.
