Money for Ghana

I'll be going to Ghana for 2 weeks and 2 weeks this Jan. I might stay in the country the entire time or travel thru Togo and Benin to get to the vodun festival.

I believe I can get Cedis from my bank up here. How much if any should I bring with me?
I read a tip on here about opening an account with a small local bank branch that doesn't have atm fees. I'm going to try this. Has anyone else had any luck going this route?
My other question is about credit cards. My only credit card is a Mastercard and I understand they aren't widely used in Ghana? My other option is my Visa debit/check card. Would that work? Should I look into getting an actual Visa credit card?

Any help you can provide would be great!
thanks,
Lys

Don't buy Cedis outside Ghana, since the exchange rate will be dreadful (unless you manage to find a traveller with spare Cedis and work something out, of course). There is not problem about changing money at the airport.

Yes, a visa debit card would be fine so long as you had sufficient money in the account to cover your expenditure. A credit card is likely to come with higher fees, but of course it gives you more time to pay.

Since ATM machines in West Africa are generally out of action for about fifty per cent of the time, you might consider just bringing cash. Money changers are efficient and work on low margins (so you get good rates). If at all possible, ask a local person to recommend a good money-changer (in Ghana they call them Forex shops), and of course make sure that your travel insurance covers a reasonable amount of cash.

Oh: I went to the Vodoun festival in Benin (Ouidah) and I was not impressed: nice costumes and dancing but hundreds of tourists and virtually nothing about the reality of Vodoun.

It's been a few years since I've been in Ghana, but I'm wondering if there are a decent number of international ATMs in the airport? I know once you get into the city there are plenty that work, but I don't think I ever tried at the airport.

Whether or not there are ATMs at the airport, there is no guarantee that they will be working when needed. (The ATM at Cotonou airport was out of action for about three weeks at one point earlier this year.) What is certain is that there will be people there glad to exchange dollars for Cedi.

There are at least two Visa-capable ATM's at the airport (one in departures, one in the arrivals hall), and maybe more. Notwithstanding the statement above that they will be "out of action for about fifty per cent of the time," I've always found both reliable. In the unlikely event that one or both are not working when you arrive, that's why you carry a couple of 100 euro or dollar notes for emergencies, right?

OP, I'm not sure where "up here" is, but buying cedis in Europe or America and then worrying about ATM fees is just silly. Most people, including myself, eat the fees because it's safe and convenient. I'll carry some cash, but not the amount I need for travel in Africa. Depending on where you come from, there may be fee-free alternatives to whatever debit card you normally carry, but you'll have to look into that yourself.

It sounds like you're not fully clear on the fact that credit cards are not much good in Ghana (or in West Africa in general) except in expensive hotels and shops. Unless you're planning a high-end trip, you'll rely on carrying cash and/or using your debit card. If you are planning to use your credit card, you'll want Visa, not Mastercard.

Hope that helps.

Mark

In less than a month, I'll be in Ghana and will also go to Togo and Benin. Is it OK that I just bring US dollars or are euros better for Togo and/or Benin?

Thanks!

Dollars are fine in the capitals of Togo and Benin. I'm not sure how easy it would be to change money off the beaten track, so I suggest that you make sure you have enough CFA before you leave.

In Ghana my mastercard worked ok last winter, unlike in Mali or Burkina where only VISA is accepted. The banks were all pretty modern and when there was a problem in one bank, we just went to the next one around the corner. Every middle sized town should have an ATM accepting your mastercard.

Thanks for all the helpful info!
I wasn't looking into cedis as a way to avoid fees. I'm just trying to figure out the best way to handle my money so I have access to it while abroad.

I've only ever seen one ATM in the airport arrivals hall, right near the luggage carousels. There was a Forex office right next to it, which was open when I arrived at 8:00 pm.

Opening a local bank account is completely unnecessary and will be far more hassle than it's worth, if you could even do it. I would doubt it, since you are a foreigner and don't even have a local address.

Just bring an ATM card and not too much cash. ATM's are everywhere, even in some small towns. You'll get a decent exchange rate, and the convenience is worth the bank fee. I would caution you to use ATM's only when the bank is open so that you can go inside and reclaim your card in case the machine decides not to give it back. That happened to me once. Also, plan ahead and get enough cash so that you don't need to use an ATM over the weekend, for the same reason.

Ghana is a poor country with a developing financial infrastructure, meaning it is pretty much a cash economy. You will rarely see merchants or restaurants that are set up to accept credit cards. Despite knowing that, I brought my VISA card anyway because I had a long layover in Amsterdam and I knew I could use it at the Schiphol airport shops and restaurants. I was able to use it in one hotel in Ghana, but mostly not. You are correct that VISA is the better option in Ghana than Mastercard, but that's not saying much. :-)

Have fun!

I agree with #9. In addition, note that many hotels in Ghana quote prices in both dollars and Cedi, and usually the dollar price works out a fair bit more. If you pay by credit card you pay the dollar price, often with a service charge on top. Moral: get to a Forex and exchange dollars for enough Cedi to pay your bill that way.

Euros are better in Togo and Benin.
Forget Mastercard. Useless in West Africa. Use a visa debit card. I ve found ATMs plentiful in major cities in Ghana and Togo and had very few occasions when my visa debit card from a UK bank was not accepted. Away from big conurbations you can struggle to find a functioning ATM.
Be warned in Benin I experienced great difficulties finding ATMs which worked and / or acccepted my card. I suggest bringing plenty of cash with you to Benin.
Also be warned credit card fraud is rife across West Africa, I would suggest paying cash only for goods or services and don t do what I did which was make an online payment from an internet cafe in Burkina Faso using a debit card. All a bent hotel employee needs is your credit card details and date of birth (from your passport) to start impersonating you and cleaning out your bank accounts...

How can someone use your credit card to clean out your bank account?

Thanks for all the good info!
How much money in cash would you suggest I bring for 2 weeks and 2 days?

(Also, about the 'local bank' I meant a bank local to the city I'm living in now. So instead of Chase or Bank of America open a branch at First Tennessee or 5/3rd bank... something smaller. Supposedly some of them do not charge ATM fees)

How much money in cash would you suggest I bring for 2 weeks and 2 days?

Depends how lavishly you want to live. Good basic hotel / guest house accommodation is around 10 - 25 USD / night for a room with / without en suite. You can eat on the street (not recommended) for less than 1 USD. An omelette or meat and spaghetti or rice in a sit down cafeteriat or chop house will cost about 2 - 4 USD. Bottle of beer is around 1 USD.

As an example, to travel from Accra to the border with Togo will cost you no more than 10 USD by bus.

To get into most tourist places, museums or whatever, will cost you about 4 USD, less in some cases, but allow that as a rule of thumb. A half day trekking with a guide organised 'officially' ie by an outfit with a website and an office around 8 - 15 USD.

So to be comfortable, 50 USD / day, but if you can be a bit more careful, you can do West Africa on 25 - 30 USD / day but you will have to be careful with your cash.
Travel in shared taxis or buses is cheap but beware pickpockets and bear in mind some people especially self appointed 'guides' are there to part you from your money. Most 'guides' I ve encountered won t tell you any more than whats in the Lonely Planet book. Africas funny, I could give loads of advice but everyone just finds out the pitfalls themselves, the hard way. be prepared to 'lose' a certain amount of cash one way or another.
One other hint: Porto Novo in Benin has similar stilt villages to Ganvie on a lagoon. Lot less touristic, a lot less hassle and a lot less expense. Any of the fishermen will take you out in a pirogue.
The central market in Lome, Togo is a great afternoon out, people come from across West Africa to buy from the wholesalers here. Its a wonderful place to get textiles as well as arts and crafts. Save some money for shopping!

one other thing...
keep a wedge of 200 USD for emergencies, like medical

For Ghana, you can exchange some money at the airport-- just enough to get you to the hotel. Then find a bank near the hotel and exchange money there since you'll probably get a better rate than at the airport. Alternatively, use a Visa debit card to take out money from bank ATMs. If you have Bank of America account, you can get money from Barclays ATMs without BoA charging you foreign transaction fees. At least this was the case when I was in Ghana in June. When I used my debit card at other banks, BoA charged me fees. Whatever you do, don't exchange money at the hotel-- you'll get a bad rate. But you should be able to pay your hotel bills in dollars. Also, if you go to a forex, sometimes they give you one rate for $50 and $100 bills but a different rate for $20 bills. Ask a lot of questions when you exchange money and count your bills!

In response to #16, hotel prices in dollars are generally a good deal higher than in Cedi. And look for a Forex rather than a bank.