Are you a foreigner and want to know how to open a bank account in Ghana? You’re at the right place. In this guide, you’ll learn all the necessary steps needed to open a bank account in Ghana for foreigners.
There are so many opportunities in Ghana for foreigners and there comes the need to have a functional bank account in Ghana. To support these business, there are 23 commercial banks operating in the country.
You can open any type of account (corporate and personal) in any of these banks. Some of these banks are local while others are foreign serving both locals and foreigners. On this basis, foreigners who seek to invest or start a business in Ghana need an operating bank account.
Firstly, to open a bank account in Ghana as a foreigner, you need to have a work or residence permit.
- 1 Requirements Needed to Open a Bank Account in Ghana as a Foreigner
- 2 How Much is Needed to Open an Account in Ghana as a Foreigner?
- 3 Can I Open a Domiciliary Account in Ghana?
- 4 Can I Transfer Funds Outside Ghana as a Foreigner?
Requirements Needed to Open a Bank Account in Ghana as a Foreigner
Requirements needed to open an account in Ghana vary from bank to bank as well as the type of account. Generally, these are the things that will be required of you.
Requirements Needed to Open a Personal Bank Account in Ghana as a Foreigner
To open a personal bank account in Ghana as a foreigner, you will need to visit any bank of your choice for more detailed information. However, the process usually only consists of filling out a form and submitting the appropriate documentation. This may include:
- A valid form of identification such as a passport.
- Proof of residence.
- Tax Identification Number
- Passport Pictures
- Work and residence permit.
- A letter of introduction from your banking institution in your home country
- Some banks may request a reference letter from an account-holder of the bank to which you are applying in Ghana and/or a letter of reference from your employer.
Requirements Needed to Open a Corporate Bank Account in Ghana for Foreigners
To open a corporate bank account in Ghana as a foreigner, you will need to visit any bank of your choice for more detailed information. However, the process usually only consists of filling out a form and submitting the appropriate documentation. This may include:
- Certificate of Incorporation and Certificate of Registration.
- Two passport-size pictures of the Signatories to the account.
- Proof of identification such as passport.
- Proof of residential address for all directors and signatories
- Company physical address confirmation
- Annual returns (for companies registered over one year ago)
- Revenue stamp and constitution of the society if not registered
- Residence permit (if the account signatories are foreigners)
How Much is Needed to Open an Account in Ghana as a Foreigner?
The amount needed to open an account in Ghana varies considerably. However, the minimum amount needed may vary between $6 and $9 depending on whether the account is a current account or a personal account.
Can I Open a Domiciliary Account in Ghana?
As a foreigner, you can open and operate a domiciliary account in Ghana. You can open a foreign bank account in major currencies around the world. Foreigners are also allowed to open and operate foreign currency accounts with any bank of their choice.
Can I Transfer Funds Outside Ghana as a Foreigner?
Foreigners who are operating an account with Ghanaian banks are allowed to freely transfer funds (foreign currency and local Ghana cedis) overseas in payment for goods and services or for personal reasons. The banks will only require support documents in respect of the transfer of funds.