How to Open Bank Account for Ghanaian Cedi (GHS) Payments

As Ghana’s economy continues to grow and integrate into regional and global trade systems, having a bank account that supports Ghanaian Cedi (GHS, often mistakenly abbreviated as GNS) payments is increasingly important for both local and international businesses. Whether you're an importer/exporter, freelancer working with Ghana-based clients, or a global business receiving payments in Ghana, opening a GHS-compatible account ensures smoother, more cost-effective transactions.

💱 What Is the Ghanaian Cedi (GHS)?

The Ghanaian Cedi (GHS) is the official currency of Ghana, regulated by the Bank of Ghana. It’s used for all local payments and is critical for any business operating in or trading with the country. The GHS is fully convertible within Ghana but subject to FX controls for international transactions, especially when sending large amounts abroad.

🌍 Why You Might Need a GHS Bank Account

You may need a Ghanaian Cedi account if:

• You run a business in Ghana and need to pay employees, suppliers, or taxes locally.

• You are a foreign investor collecting rent, dividends, or revenue from Ghana-based operations.

• You’re a freelancer or contractor working with Ghana-based clients and receiving payments in Cedi.

• You’re an eCommerce seller or digital entrepreneur receiving customer payments through Ghana-based platforms or payment processors.

• You're a non-resident Ghanaian who wants to manage family or business affairs remotely.

🏦 Types of GHS Accounts Available

There are two primary types of Ghanaian Cedi accounts:

1. Local GHS Accounts (for residents)

These are standard current or savings accounts opened with local banks by residents or registered Ghanaian businesses. They support full access to domestic banking services, including MoMo (Mobile Money), SWIFT, and ACH transfers.

2. Non-Resident GHS Accounts (for foreigners)

Some Ghanaian banks offer GHS accounts to foreign nationals or foreign companies. These may be subject to restrictions such as limited remittances or special approvals for outbound payments. These accounts typically require proof of business or financial activity in Ghana.

📄 Requirements for Opening a GHS Bank Account

To open a Cedi account in Ghana, you’ll typically need the following:

✅ For Individuals (Residents):

• Valid Ghanaian ID (Ghana Card or passport)

• Tax Identification Number (TIN)

• Proof of address (utility bill or tenancy agreement)

• Two passport-sized photos

• Minimum opening deposit (varies by bank)

✅ For Individuals (Non-Residents):

• Valid passport

• Proof of address in country of residence

• Letter explaining reason for account

• Reference letter from bank in home country

• Initial deposit (usually higher)

✅ For Companies:

• Certificate of Incorporation (from Ghana’s Registrar General)

• Company TIN certificate

• Board resolution to open the account

• Valid IDs of directors and signatories

• Business utility bill or tenancy agreement

• Regulatory licenses (if required for industry)

• Company business profile or website

Note: Banks may conduct Enhanced Due Diligence (EDD) for foreign entities, especially if receiving third-party or high-volume payments.

🏢 Best Banks in Ghana for GHS Accounts

Some of the most popular banks in Ghana offering robust GHS banking services include:

• GCB Bank – Ghana’s largest indigenous bank with extensive branch coverage and corporate offerings.

• Standard Chartered Bank Ghana – Ideal for high-net-worth and international businesses.

• Zenith Bank Ghana – Known for its user-friendly mobile app and SME-focused services.

• Fidelity Bank Ghana – A top choice for fintechs and modern banking APIs.

• Ecobank Ghana – Offers regional banking access across West Africa with GHS and multi-currency support.

If you are a non-resident business or individual and want to have a quick and efficient solution for GHS payments (fiat or crypto), fill out our contact form and we will share an up to date list of best digital/fintech banks and OTC providers with you by email.

📲 How to Receive Ghanaian Cedi Payments Remotely

If you're a non-resident receiving GHS payments from Ghana, there are three main routes:

1. Open a Non-Resident GHS Bank Account in Ghana (with remote onboarding support from some banks).

2. Partner with a local Ghanaian payment processor, like Paystack or Hubtel, and have them collect and settle in GHS to a bank account.

3. Use mobile money wallets linked to traditional bank accounts — ideal for local remittances and micro-transactions. Contact us for a list.

These methods allow you to receive payments from:

• Clients or customers in Ghana

• eCommerce platform payouts

• Investment or rent income from local sources

• Crypto off-ramps (via local OTC partners that pay in GHS)

💡 Can You Open a GHS Account Remotely?

Yes, but only with select banks. Some financial institutions allow remote account opening for international clients through digital onboarding platforms. However, you must still provide certified KYC documents, and the process may take 2–4 weeks.

You can also work with licensed financial intermediaries in Ghana who can assist with the application and compliance process on your behalf.

⚖️ Regulatory Considerations for GHS Banking

Ghana’s banking industry is regulated by the Bank of Ghana, which enforces strict AML/KYC rules. Businesses dealing in third-party funds, payments, crypto, or high-risk services must comply with:

• AML/KYC due diligence

• Licensing (if offering payment services or lending)

• Tax declarations

• Forex approvals for remittances out of Ghana

Ensure your activity is not classified under “high risk” without proper licensing to avoid account closure or freezing.

🪙 Can You Receive Crypto Payments and Convert to GHS?

Yes — though not all banks support this natively, you can:

• Use a crypto OTC desk in Ghana to receive USDT/USDC and cash out in GHS.

• Partner with local fintechs that offer crypto-to-fiat payout solutions into GHS accounts.

• Use EMIs or offshore crypto platforms that allow direct wire transfers to Ghanaian bank accounts in local currency.

This is particularly useful for:

• Freelancers or creators paid in crypto

• Investors cashing out stablecoin gains

• eCommerce and gaming platforms accepting USDT

Contact us for an up to date list of best OTC desks and fintech for GHS on/off ramps.

✅ Benefits of Holding a GHS Bank Account

• 💰 Avoid conversion loss when doing business locally in Ghana

• 📈 Access local tenders and opportunities that require a Ghanaian account

• 📲 Receive mobile money payments via MTN, AirtelTigo, and Vodafone Cash

• 🏦 Build financial credibility with local banking history

• 🔁 Enable easy remittances and payouts within Ghana’s payment ecosystem

🧠 Final Thoughts

Opening a bank account for receiving Ghanaian Cedi payments is a smart move for businesses and individuals working with or within Ghana. Whether you’re on the ground in Accra or managing operations remotely from abroad, a GHS bank account enables seamless payment collection, improved cash flow, and regulatory compliance in one of West Africa’s most vibrant economies.