How Much Are You Really Paying for Dollars? A Deep Dive into Ghanaian Banks’ USD Spreads

Currency exchange is one of the most frequently used financial services in Ghana—but how transparent and fair are the charges? A new analysis by Finex Insights reveals significant disparities in the spread (difference between buying and selling rates) of USD across Ghana’s top banks.

USD FX Spread by Banks in Ghana

Understanding the Spread

The spread represents the margin banks place between the price at which they buy and sell foreign currency. It reflects transaction costs, market risk, and profit margins. The smaller the spread, the fairer the rate to the customer, especially for frequent forex users such as importers and small businesses.

Key Findings

• SG Bank tops the spread list with a ₵1.73 difference, suggesting higher forex costs for its customers.

• Stanbic and UMB follow closely with spreads of ₵1.50.

• At the lower end, CBG (₵0.60), First Atlantic (₵0.70), and Access Bank (₵0.75) offer more competitive rates.

• Notably, the Bank of Ghana’s spread is just ₵0.02, demonstrating the benchmark efficiency of a central regulator.

  
  

Implications for Consumers

For individuals and businesses transacting in USD, this spread could add up. For example, exchanging $10,000 at a ₵1.50 spread implies a ₵15,000 cost difference compared to a bank offering ₵0.75.

Efficiency vs Profitability

The wide spreads could reflect liquidity, risk appetite, or profit targets. However, they also highlight the need for:

• Consumer awareness

• Transparent pricing policies

• More competitive market practices

  
  

Before choosing where to exchange your dollars, look beyond the brand and assess the spread. A tighter spread could mean more cedis in your pocket—and better financial decisions. Use this chart as your benchmark the next time you walk into a bank or forex bureau.