USD to GHS for business payments
A foreign business paying a Ghanaian exporter should usually pay US dollars to the supplier's nominated bank in Ghana, because Bank of Ghana rules require export proceeds to come home through that bank within 120 days of shipment. Ghanaian cedis (GHS) suit local costs: the cedi is the sole legal tender for transactions inside Ghana, and remittance services typically pay out in cedis rather than dollars.
- The Bank of Ghana (BoG) states that in 2007 it officially adopted an inflation targeting framework underpinned by a flexible exchange rate regime.
- A BoG notice of 30 October 2025, citing section 15(4) of the Foreign Exchange Act, 2006 (Act 723), requires exporters of goods to repatriate proceeds through their nominated bank within 120 days of shipment.
- The cedi is the sole legal tender for domestic transactions, and residents may not price, advertise or accept foreign currency for goods and services in Ghana unless licensed by the BoG.
- BoG guidelines reported in August 2025 require remittance providers to credit the cedi equivalent of inward remittances within 24 hours, so money sent through a remittance service usually arrives in cedis.
- GTBank Ghana's published tariff lists a $30 charge on an inward remittance.
The Ghanaian cedi at a glance
The Ghanaian cedi (GHS) is issued by the Bank of Ghana (BoG). The BoG states that in 2007 it officially adopted an inflation targeting framework underpinned with a flexible exchange rate regime, designed to ensure price stability over the medium term. A flexible regime means the cedi's value against the dollar is set by the market, so a cedi invoice can cost a dollar-based buyer more or less between order and payment.
| Item | Ghanaian cedi |
|---|---|
| Currency code | GHS |
| Issuer | Bank of Ghana |
| Exchange rate regime (BoG wording) | Flexible, under inflation targeting adopted in 2007 |
| Main law | Foreign Exchange Act, 2006 (Act 723) |
| Legal tender inside Ghana | The cedi only; foreign currency pricing needs a BoG license |
| Export proceeds | Through the exporter's nominated bank within 120 days of shipment |
| Remittance services | Credit the cedi equivalent within 24 hours |
Sources: BoG, The Monetary Policy Framework; GhanaWeb, BoG notice of 30 October 2025; BoG Notice BG/GOV/SEC/2025/14. Checked on 29 October 2026.
Ghanaian rules that decide how you should pay
Ghana's rules are strict on where export money goes and on the use of foreign currency inside the country.
- Export proceeds through the nominated bank. A BoG notice of 30 October 2025, as reported by GhanaWeb, requires exporters to repatriate proceeds through their nominated bank within 120 days from the date of shipment, citing section 15(4) of Act 723. Exporters of cocoa, cashew, shea, timber and processed goods are covered. Pay that bank, not an account abroad.
- Cedis inside Ghana. BoG Notice BG/GOV/SEC/2025/14 of 15 May 2025 confirms that the cedi is the sole legal tender for domestic transactions, and residents may not price, advertise or accept foreign currency for goods and services in Ghana unless licensed by the BoG. The Ghana News Agency reported in August 2025 that the BoG tightened rules on foreign currency invoicing, with exemptions for expatriates and non-residents.
- Remittances arrive in cedis. The BoG's updated guidelines for inward remittance services require providers to credit the cedi equivalent within 24 hours, at a reference rate, as reported by GhanaWeb.
- Licensed dealing only. As summarized by WTS, dealing in foreign exchange without a license is an offense under the Foreign Exchange Act.
Our guide to receiving USD in Ghana covers the supplier's side.
How a payment reaches a Ghanaian supplier
A dollar payment reaches a Ghanaian bank by SWIFT, into the supplier's foreign currency account (FCA) or foreign exchange account (FEA). A cedi payment arrives either as a wire converted by the supplier's bank or as a local payout from a provider. Ask which account to use, because a dollar wire to a cedi account is converted on arrival.
| Route | Supplier receives | Published charge |
|---|---|---|
| SWIFT wire to the exporter's FCA at its nominated bank | USD, counted toward the 120-day rule | GTBank Ghana: $30 per inward remittance |
| SWIFT wire to a cedi account | GHS, converted on arrival | Bank's rate plus receiving charge |
| Remittance service | GHS within 24 hours, at a reference rate | Provider's fee and rate |
| Supplier pays its own suppliers abroad from its FCA | Not applicable | UBA Ghana: 1% (minimum $10) plus $25 SWIFT |
Sources: GTBank Ghana, Tariff Guide; UBA Ghana, Tariff Guide 2026; GhanaWeb (28 August 2025). Checked on 29 October 2026.
Collect the supplier's registered name, the FCA or FEA account number (not the cedi account), the nominated bank's name and SWIFT code, and the US correspondent it names. Check the code with our SWIFT code lookup.
What converting USD to GHS costs
If you convert dollars to cedis yourself, the cost is the mid-market rate, the midpoint between buying and selling prices at that moment, plus your provider's margin, plus its fee. Because the cedi is flexible, compare the cedi amount the supplier will receive, not just the fee. If you pay dollars, your costs are the sending fee and any intermediary deductions, and the supplier pays its bank's receiving charge, $30 at GTBank Ghana, then converts at its bank's rate when it needs cedis. Send with OUR charges when the supplier must receive the full invoice amount.
Helm is a financial technology company, not a bank. Its US dollar account services are provided by Bridge Building, Inc. (NMLS ID 2450917), a licensed money transmitter, with customer funds held at Lead Bank. A Helm account holds dollars in your company's own name and sends international payments to suppliers by SWIFT, or by local rails in the supplier's currency where available, with the rate, fee and expected arrival shown before you send.
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. See how Helm pricing works.
Pay a Ghanaian supplier in USD or GHS?
- Pay USD for exports, to the supplier's FCA at its nominated bank, within the 120-day window. This is the route the BoG rules are built around.
- Pay GHS for local goods and services invoiced in cedis, since the cedi is the sole legal tender inside Ghana.
- Avoid remittance services for export invoices. They credit cedis within 24 hours, which does not suit a dollar export file.
Ghanaian importers on the other side of the trade can read our guide to paying Chinese suppliers from Ghana.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Is the Ghanaian cedi floating?
The Bank of Ghana states that in 2007 it adopted an inflation targeting framework underpinned with a flexible exchange rate regime, so the cedi's value is set by the market.
How long does a Ghanaian exporter have to repatriate payment?
A Bank of Ghana notice of 30 October 2025, citing section 15(4) of the Foreign Exchange Act, 2006, requires exporters to repatriate proceeds through their nominated bank within 120 days of shipment.
Can a Ghanaian supplier invoice me in dollars?
For exports, yes. Inside Ghana, the cedi is the sole legal tender and residents may not price or accept foreign currency for goods and services unless licensed by the Bank of Ghana.
Do remittance services pay Ghanaian suppliers in dollars?
Usually not. Bank of Ghana guidelines reported in August 2025 require remittance providers to credit the cedi equivalent of inward remittances within 24 hours.
What does a Ghanaian bank charge to receive a wire?
Each bank publishes a tariff. GTBank Ghana lists a $30 charge on an inward remittance.
What does Helm charge to pay a supplier in Ghana?
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.
References
- Bank of Ghana: The Monetary Policy Framework
- GhanaWeb: BoG sets strict penalties for exporters who delay repatriating proceeds (notice of 30 October 2025)
- Bank of Ghana: Notice No. BG/GOV/SEC/2025/14, Notice on foreign exchange withdrawals (15 May 2025)
- Ghana News Agency: Bank of Ghana tightens rules on foreign currency invoicing
- GhanaWeb: BoG mandates 24-hour remittance payouts under new FX rules (28 August 2025)
- GTBank Ghana: Tariff Guide
- UBA Ghana: Tariff Guide 2026
- WTS Global: Ghana exchange control insights
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.