Make Payments and Receive Payments in GHS - Ghanaian Cedi
Pay in Ghanaian Cedis (GHS)
Mondial Change allows you to make international payments in GHS (Ghanaian Cedi) with ease. Manage your Ghanaian Cedi beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not apply exchange commissions on your GHS operations (a spread is applied to the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your client rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in GHS (Ghanaian Cedi)
Mondial Change allows you to receive payments in Ghanaian Cedi (GHS). Payments in GHS are received in a pool account held by one of our partners. This GHS account is provided to you free of charge. It allows you to receive GHS payments from your clients or subsidiaries. Once the funds are received in the pool account, they are reconciled in our partner's books and credited to your Ghanaian Cedi (GHS) balance. These funds can be reused to make payments in GHS or converted into EUR or any other currency of your choice and repatriated to your bank account.
Do you want to hedge your exchange risk on the Ghanaian Cedi (GHS)? Check our dedicated page for GHS currency hedging.
Mondial Change Answers All Your Questions About Payments in Ghanaian Cedis (GHS)
What is the timeframe for a GHS payment to be credited to the beneficiary's account?
It generally takes between 1 and 2 business days for a Ghanaian Cedi transfer to be credited to the beneficiary's account. However, please note that these timeframes are not contractual, and our partners responsible for executing and routing payments cannot be held liable if GHS payments are credited beyond 2 business days to the beneficiary's account.
What are the fees for a payment in Ghanaian Cedi (GHS)?
The fees applied to transfers in Ghanaian Cedi (GHS) generally range from 0 to 10 euros, depending on the agreement with Mondial Change's trading room. The rate primarily depends on your annual GHS exchange volume and the number of Ghanaian Cedi payments made during the year.
Are there minimum or maximum amounts for payments in Ghanaian Cedi (GHS)?
Mondial Change and its partners verify that your Ghanaian Cedi flows are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If there are restrictions on transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Ghanaian Cedi (GHS)?
"For GHS payments via the SWIFT network, the following information is required:
• Full name of the beneficiary
• Full address of the beneficiary
• IBAN (or local account number depending on the bank)
• SWIFT code of the beneficiary's bank
• Reason for payment"
Is it possible to modify a payment in Ghanaian Cedi (GHS) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Ghanaian Cedi (GHS) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment was not executed via the SWIFT network, then it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
Is the Ghanaian Cedi (GHS) account provided to you a bank account and is it nominative?
The Ghanaian Cedi (GHS) account for which we provide you with the details is a bank account opened in the name of one of our partners. It is a pool account where all GHS transfers are received. The reconciliation of funds on your GHS balance is generally done with your client account reference. You have a guarantee of segregation of your funds in our partners' books.
Is it possible to hold Ghanaian Cedis (GHS) in the GHS account provided to you?
You can use this Ghanaian Cedi (GHS) account to receive Ghanaian Cedis. The currencies will then be credited to your GHS balance opened in our partner's books. The funds can then be reused to make payments in Ghanaian Cedi or converted into other currencies.
What are the holidays when payments in Ghanaian Cedi (GHS) cannot be executed?
January 1: New Year’s Day
Variable date: Constitution Day
March 6: Independence Day
Variable date: Good Friday
Variable date: Easter Monday
May 1: May Day
May 25: Africa Union Day
Variable date: Eid al-Fitr
Variable date: Eid al-Adha
July 1: Republic Day
August 4: Founders’ Day
September 21: Kwame Nkrumah Memorial Day
December 5: Farmers’ Day (1st Friday of December)
December 25: Christmas Day
December 26: Boxing Day
History of the Ghanaian Cedi
The Ghanaian Cedi (GHS) has been the official currency of Ghana since 1965. In 2007, a monetary reform led to the creation of the "new cedi," aimed at strengthening economic stability. The word "cedi" means "shell" in Akan, referring to cowries once used as currency. The GHS currency code is used in national and international exchanges involving Ghana. The cedi is issued by the Bank of Ghana and embodies the country's monetary independence from its colonial past.
Monetary Policy of the Ghanaian Cedi
The Bank of Ghana is the institution responsible for the country's monetary policy. Its primary objective is to ensure price stability while supporting economic growth. Ghana operates a floating exchange rate regime, influenced by market conditions. To achieve its objectives, the Bank of Ghana uses tools such as policy rates, reserve requirements, and open market operations to control inflation and regulate liquidity in the economy. This approach aims to strengthen the resilience of the Ghanaian financial system.
Characteristics of the Ghanaian Cedi
The Ghanaian Cedi (GHS) is not a freely convertible currency on international markets, but it plays a central role in the country's economy. It is subdivided into 100 pesewas. Banknotes in circulation range from 1 to 200 GHS, while coins range from 1 to 50 pesewas. The GHS is heavily influenced by global gold and cocoa prices, two major resources for Ghana. Despite some volatility, the cedi remains a strong symbol of monetary sovereignty and economic stability for the country.