Sending business payments from the US to Ghana
A US company pays a Ghanaian exporter or service firm by SWIFT wire in US dollars to the company's foreign currency account at a Ghanaian bank, quoting the invoice and, for exports, the shipment reference. Bank of Ghana rules require exporters to repatriate proceeds through their nominated bank within 120 days of shipment, and send dollar invoices to non-residents into a Foreign Exchange Account. This guide covers the details to collect, the rules, timing, documents and fees.
- A Bank of Ghana notice of 30 October 2025 requires exporters to repatriate proceeds through their nominated bank within 120 days of shipment, citing section 15(4) of the Foreign Exchange Act, 2006 (Act 723), as reported by GhanaWeb.
- An exporter may request one extension of up to 60 calendar days with documented justification.
- Ghanaian residents may issue foreign currency invoices only to expatriates and non-residents, and those proceeds must be paid into a Foreign Exchange Account (FEA) with a licensed bank, as reported by the Ghana News Agency.
- Bank of Ghana guidelines reported in August 2025 require remittance providers to credit the cedi equivalent of inward remittances within 24 hours, so a remittance service is not the route for paying a supplier in dollars.
- GTBank Ghana's published tariff lists a $30 charge on an inward remittance.
Details to collect from your recipient in Ghana
Ghanaian banks offer two kinds of foreign currency account: a Foreign Currency Account (FCA), funded from outside Ghana, and a Foreign Exchange Account (FEA), which takes foreign currency earned in Ghana, such as export proceeds. Ask the supplier which account its bank credits for your payment, and collect the details in writing.
| Detail | What to ask for | Why it matters |
|---|---|---|
| Beneficiary name | The registered name, exactly as on the account | Name mismatches lead to queries |
| Account number | The FCA or FEA number the bank names for your payment, not the cedi account | A dollar wire to a cedi account is converted |
| Bank name, address and SWIFT code | 8 or 11 characters | Routes the wire |
| Intermediary bank | The bank's US correspondent and its SWIFT code, as the bank instructs | A missing or wrong correspondent is a common reason for returns |
| Reference | Invoice number, and for exports the shipment or contract reference | Lets the nominated bank match the receipt to the export |
Sources: Ghana News Agency, August 2025; field list compiled by the Helm Editorial Team. As published on 29 October 2026.
USD or cedis: what the Bank of Ghana requires
The Bank of Ghana (BoG) regulates foreign exchange under the Foreign Exchange Act, 2006 (Act 723). The cedi is the sole legal tender for domestic transactions, but a sale to a buyer abroad may be invoiced and paid in dollars. The US dollar to cedi page covers the currency.
| Rule | What it says | What it means for your payment |
|---|---|---|
| Export proceeds | Repatriated through the nominated bank within 120 days of shipment (section 15(4), Act 723) | Pay the supplier's nominated bank in Ghana on time |
| Extension | One extension of up to 60 calendar days with documented justification | Do not rely on it |
| Dollar invoices | Only to expatriates and non-residents; proceeds into an FEA with a licensed bank | A US buyer may be invoiced in dollars |
| Cash withdrawals | Over-the-counter foreign currency cash withdrawals from FCAs and FEAs are allowed (Notice of 15 May 2025) | The supplier can use your dollars |
| Remittance services | Providers credit the cedi equivalent within 24 hours | Not suited to dollar invoices |
Sources: GhanaWeb report of the BoG notice of 30 October 2025; Ghana News Agency, August 2025; BoG Notice No. BG/GOV/SEC/2025/14; GhanaWeb, 28 August 2025. As published on 29 October 2026.
Sanctions for failing to justify non-repatriation include a fine of up to 5,000 penalty units, imprisonment of up to 10 years, or both, so Ghanaian exporters take the 120-day window seriously. For the recipient's view, see how Ghanaian businesses receive USD.
Rails and arrival times to Ghana
A dollar wire settles in the United States on Fedwire, whose business day runs from 9:00 p.m. ET the previous evening to 7:00 p.m. ET on weekdays, with a 6:45 p.m. ET cut-off for customer transfers. Accra is 4 hours ahead of New York in the US summer and 5 hours ahead in the US winter, so a wire sent by early afternoon in New York can reach the correspondent the same day.
| Route | What the recipient receives | Timing, as published | Notes |
|---|---|---|---|
| SWIFT wire in USD to an FCA or FEA | US dollars | Swift reported in August 2023 that 89% of payments on its network reached the recipient's bank within an hour; crediting depends on the correspondent chain | The standard route |
| Remittance service | Cedis | Cedi equivalent credited within 24 hours under BoG guidelines | Converted on arrival |
| Letter of credit or collection | US dollars against documents | On presentation of documents | Suits larger exports |
Sources: Federal Reserve Financial Services, Fedwire operating hours; Swift, 22 August 2023; GhanaWeb, 28 August 2025. As published on 29 October 2026.
Documents, screening and why payments to Ghana are held
An exporter gives its nominated bank a Letter of Commitment, the undertaking to bring a shipment's proceeds back, and the bank matches your payment to it. Quote the invoice and shipment reference so the match is immediate. A service firm should confirm with its bank which account it credits for service income from abroad.
One more check sits on your side: OFAC states that all US persons, including US-incorporated companies and their foreign branches, must comply with its sanctions, so screen the recipient, its owners and its bank against OFAC's lists before the first payment (OFAC FAQ 11).
| Problem | What happens | How to prevent it |
|---|---|---|
| Missing or wrong correspondent bank | Returned or delayed | Copy the bank's USD instructions |
| Dollars sent to the cedi account | Converted at the bank's rate | Ask for the FCA or FEA number |
| Payment through a remittance service | Arrives in cedis | Use a bank wire for business invoices |
| No shipment reference | The bank cannot match it to the export | Quote the invoice and shipment reference |
| Wire sent as SHA | Arrives short of the invoice and the export file | Use OUR for large invoices |
Sources: GhanaWeb; Ghana News Agency; Helm Editorial Team. As published on 29 October 2026.
Costs: SHA, OUR and Helm's fees for payments to Ghana
GTBank Ghana lists a $30 charge on an inward remittance, and UBA Ghana charges 1% of face value, minimum $10, plus $25 SWIFT to move money out of an FCA, which matters to a supplier that pays its own suppliers abroad. On SHA terms, intermediary deductions also reduce what arrives; with OUR you pay them. For account options in Ghana, see USD business accounts in Ghana.
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. Helm sends international payments by SWIFT and by local rails in the recipient's currency where available, confirmed by your account manager, and shows the rate, the fee and the expected arrival before you confirm.
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.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
How do I send a business payment from the US to Ghana?
Send a SWIFT wire in US dollars to the supplier's FCA or FEA at its Ghanaian bank, with the bank's SWIFT code and US correspondent, quoting the invoice and, for exports, the shipment reference.
How long does a Ghanaian exporter have to receive payment?
A Bank of Ghana notice of 30 October 2025 requires exporters to repatriate proceeds through their nominated bank within 120 days of shipment, with one possible extension of up to 60 days.
Can a Ghanaian supplier invoice me in dollars?
Yes. Residents may issue foreign currency invoices to non-residents, and the proceeds go into a Foreign Exchange Account with a licensed bank, as reported by the Ghana News Agency.
Should I use a remittance service to pay a Ghanaian supplier?
No. Bank of Ghana guidelines require remittance providers to credit the cedi equivalent within 24 hours, so the supplier receives cedis rather than the dollars on its invoice.
How much do Ghanaian banks charge to receive a wire?
Each bank sets its own tariff. GTBank Ghana lists a $30 charge on an inward remittance, and correspondent deductions can apply on SHA wires.
What does Helm charge to send money to 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
- GhanaWeb: BoG sets strict penalties for exporters who delay repatriating proceeds (notice of 30 October 2025)
- Ghana News Agency: Bank of Ghana tightens rules on foreign currency invoicing
- Bank of Ghana: Notice No. BG/GOV/SEC/2025/14, Notice on foreign exchange withdrawals (15 May 2025)
- GhanaWeb: BoG mandates 24-hour remittance payouts under new FX rules (28 August 2025)
- GTBank Ghana: Tariff Guide
- UBA Ghana: Tariff Guide 2026
- Federal Reserve Financial Services: Fedwire Funds Service operating hours
- Office of Foreign Assets Control: FAQ 11, Who must comply with OFAC sanctions?
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.