- What do I need to understand about the Ghanaian currency and exchange rates?
- Ghanaian Currency
The official currency of Ghana is the Ghana High Cedi (GHC) along with the pesewa (Gp). Each cedi is worth 100 pesewas, similar to 100 pennies equaling one USD. The current Cedi was introduced in 2007 to re-denominate the previous Cedi making 10,000 cedis equivalent to one cedi. Consequently, today’s Cedi is now one of Africa’s highest valued currency units.
- Currency Exchange
Your currency may be exchanged in the airport, Forex Bureaus, banks and most major hotels. The most favorable exchange rates are found by withdrawing money from your foreign account via ATM or bank. Before traveling, you will want to check with your bank to see if they can accommodate withdrawals while you are in Ghana. Today's exchange rates can be found on the Bank of Ghana Website. Actual rates may vary slightly by bank.
- Credit/Debit Cards
Be prepared to make most day to day purchases in cash. Credit/Debit cards (mainly American Express, Mastercard, Diners Club and Visa) are accepted at most major banks, hotels, restaurants, and businesses. However credit fraud is common so take precaution when using plastic money. Large transactions, especially business to business transactions, are often undergone with local bank notes or other forms of paper checks.
- Money Etiquette
Ghanaians will anticipate haggling and bartering for goods and services. It is not impolite to negotiate for better pricing. Ghanaians will also expect you to tip for services such as taxi rides, restaurants, tour guides, salons, hotels, etc.