Are Ghanaian Banks Getting More Competitive on Forex? USD Spread Trends Say Yes

The margin between the buying and selling rate of the US Dollar known as the “spread” is a key metric in determining how competitive a bank is in the forex market. A narrower spread typically signals a better deal for customers and tighter market competition. A recent review of spreads across 23 Ghanaian banks offers fascinating insights into the evolving dynamics of the foreign exchange market.

USD Spread by Bank

Headline Insights (As of June 10, 2025)

• UMB Bank has the highest current spread at 1.35, though this marks a 10% reduction from May 28.

• GCB Bank made the most dramatic cut, narrowing its spread from 0.90 to 0.35, a 61% decrease.

• Fidelity Bank, FirstBank, and SG all recorded sharp reductions, reflecting more customer-friendly FX pricing.

• Conversely, OmniBSIC, First Atlantic, and Access slightly increased their spreads, bucking the trend.

  
  

What’s Driving the Change?

The narrowing of spreads across many banks may be attributed to:

• Rising competition in retail forex services.

• Stabilization of the cedi’s performance encouraging tighter margins.

• Increased scrutiny from regulators and calls for consumer fairness in forex pricing.

  
  

Spotlight: Bank of Ghana

While commercial banks have variable spreads, the Bank of Ghana maintains a symbolic reference spread of just 0.02, anchoring expectations and acting as a benchmark.

This evolving trend toward narrower spreads could signal good news for importers, travelers, and remittance receivers who rely on competitive FX rates. But as always, customers should shop around. Spreads still vary widely from 0.35 to 1.35 across banks.