Ghana has a robust economy from agriculture and mining activities. There are many opportunities, and businesses thrive well. To help your business to grow, you need a business bank account. The country has local and foreign banks. If you have a global company, it would be best to open a business bank account with a foreign bank.
This article will inform you on how you can open a business bank account in Ghana.
Requirements for Opening a Bank Account
To open a business bank account in Ghana, you need to provide the following documents;
- Certificate of incorporation
- Proof of company physical address
- Annual returns of the company for the previous year
- Copies of identity cards of the company directors or partners in case of a partnership
- Two passport size photographs of account signatories
- Registration of Business Act (Form A)
- Resolution from the board of directors
Can You Open a Business Bank Account Remotely?
Yes. Some banks will allow you to open a bank account remotely without your physical presence. However, most banks want you to be physically there and submit all the necessary documents. It is because you also need to sign some forms, which is critical for account opening.
What You Need to Know Before Business Bank Account Opening
Opening a business bank account should not take more than 3 business days if you have all the necessary documents. English is the official language in Ghana, and you should expect the bank representatives to communicate in the same.
Banks open from Monday to Friday from 8:30 am and close at 4:30 pm. Some banks open on Saturday from 9 am to noon. Some banks have internet and telephone banking. Therefore if you have an online business, you should not have a problem making payments.
Can a Foreigner Transfer Funds to a Business Account while Outside Ghana?
Yes. A foreigner can make a transfer to a business bank account using a foreign bank account and currencies. They only need to have supporting documents that they are paying for goods and services. This is done to avoid money laundering.
Best Banks in Ghana
If you wish to open a business bank account in Ghana, consider the following banks.
Standard Chartered Bank
Standard Chartered Bank is a global bank, and if you have an international business, it is the best bank for opening a business account. It has a broad network of branches and ATMs conveniently located across the country. You can open a business current account or a business savings account.
Zenith Bank Ghana
Zenith Bank offers personalized business banking to help businesses grow. If your business is a sole proprietorship, clubs society or association, or a partnership, you can open a business account specific to your business needs. It has a broad network of branches and ATMs spread across the country.
Ecobank Ghana
Ecobank is one of the leading banks in Ghana you can open an account with. The bank has specialized business accounts that are tailored to the needs of businesses. It also has a wide variety of banking products. You can open a business account and enjoy the convenience of banking.
GCB Bank
GCB Bank offers business bank accounts allowing you to make international money transfers, bulk cash collection, trade finance, payroll solutions and business advice. The bank has developed a mutual relationship with businesses, helping them grow, whether they are startups, sole traders, or small and medium enterprises.
ABSA Bank
ABSA Bank was formerly known as Barclays Bank, and it is one of the leading banks in Ghana. It is licensed by the Bank of Ghana and it offers business accounts, loans, mortgages, and wealth management. You can open a business bank account for corporate, small, and medium enterprises.
Final Word
It is best to separate your personal finances from those of your business. As such, you need to open a business bank account in Ghana to monitor your business revenues efficiently. If you follow the above guidelines, it should be easy to open a business bank account in Ghana. Make sure to select the best bank that will serve the needs of your business.
