I recently moved to Ghana and discovered that the exchange rate at the banks here is somewhere around 3.4 GHS per USD but the exchange rate at all the forex bureaus I visit is around 3.7 GHS per USD. Also, I looked at the interbank exchange rate at the Central Bank in Ghana and it is around 3.19 GHS per USD.
I realised that the best way for me to bring money into the country is to carry USD in cash into the country and then exchange it at a forex bureau, instead of doing a bank wire.
- What is causing this huge difference in exchange rates across the different financial institutions?
- If I run out of the USD I carry into Ghana, what can I do to get more money into the country and use the forex bureau rate (without having to leave Ghana, of course)?