Finance
Who’s Leading Ghana’s Forex Market? A Cross-Bank Look at USD Rates
Let’s take a thoughtful look at how various banks in Ghana are buying and selling the US dollar, an important currency for many individuals and businesses across the country. When you want to sell your dollars, perhaps after receiving funds from abroad, the buying rate is what the bank will...
The High Street Journal
published: Jun 09, 2025
Let’s take a thoughtful look at how various banks in Ghana are buying and selling the US dollar, an important currency for many individuals and businesses across the country.
When you want to sell your dollars, perhaps after receiving funds from abroad, the buying rate is what the bank will pay you per dollar. Findings by The High Street Journal across the market reveals there’s a clear range.
The Bank of Ghana offers the highest buying rate at 10.24 cedis per dollar, which is notably higher than many commercial banks whose rates typically hover between 9.50 and 10.12 cedis. This means that if you exchange dollars at the Bank of Ghana, you’ll receive more cedis for each dollar compared to most commercial banks.
On the other side, when you need to purchase US dollars, the selling rate comes into play. Here, we see more variability. Universal Merchant Bank (UMB) charges the highest selling rate at 0.85 cedis per dollar, while the Bank of Ghana offers the lowest at 10.26 cedis.
Commercial banks’ selling rates generally range between about 10.40 and 10.80 cedis. This difference of nearly 60 pesewas can influence your cost significantly, especially for larger transactions.
Between these buying and selling rates is the midrate, the average of the two. Midrates range from around 10.04 cedis at OmniBSIC to 10.32 cedis at CBG and 10.30 at ADB. Midrates give a useful snapshot of the market’s midpoint, but for practical purposes, the buying and selling rates affect what you actually pay or receive.
Why do these rates vary? Banks manage their foreign exchange reserves, costs, and liquidity differently, leading to these distinctions. It‘s also a reflection of each institution’s strategy in competing for forex customers, balancing profitability with market share.
For Ghanaians, understanding these differences matters. When selling dollars, aiming for banks with higher buying rates means more cedis in your pocket. Conversely, when buying dollars, finding the lowest selling rates saves you money.
No one bank dominates outright, but the Bank of Ghana stands out as the highest buyer and the lowest seller, suggesting its pivotal role in the forex market. Commercial banks provide a variety of options, with rates spread in between.
Check the list below for detailed buying, selling, and mid rates across banks.
| Bank | Buying Rate | Selling Rate | Mid Rate |
|---|---|---|---|
| Bank of Ghana | 10.24 | 10.26 | 10.25 |
| CBG | 10.12 | 10.52 | 10.32 |
| First National | 9.98 | 10.42 | 10.20 |
| GCB | 10.10 | 10.40 | 10.25 |
| First Atlantic | 9.60 | 10.37 | 9.99 |
| SG | 9.85 | 10.70 | 10.28 |
| StanChart | 9.75 | 10.65 | 10.20 |
| NIB | 9.60 | 10.63 | 10.12 |
| Absa | 9.80 | 10.60 | 10.20 |
| CalBank | 9.50 | 10.60 | 10.05 |
| Bank of Africa | 9.65 | 10.59 | 10.12 |
| OmniBSIC | 9.51 | 10.56 | 10.04 |
| UBA | 9.65 | 10.55 | 10.10 |
| GTBank | 9.70 | 10.55 | 10.13 |
| Prudential Bank | 9.70 | 10.55 | 10.13 |
| UMB | 9.50 | 10.85 | 10.18 |
| Stanbic | 9.60 | 10.80 | 10.20 |
| FirstBank | 9.70 | 10.80 | 10.25 |
| Republic | 9.70 | 10.76 | 10.23 |
| Ecobank | 9.55 | 10.75 | 10.15 |
| Zenith | 9.50 | 10.72 | 10.11 |
| Fidelity | 9.70 | 10.70 | 10.20 |
| Access | 9.80 | 10.70 | 10.25 |
| ADB | 9.90 | 10.70 | 10.30 |
Data sourced from Cedirates.com
Read More