AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
For every payment out of Ghana, keep the contract or purchase order, the supplier's invoice, the bank's transfer advice and charges, the exchange rate used, any withholding tax receipt and evidence that the goods or services arrived. Ghana's Revenue Administration Act, 2016 (Act 915) requires business records to be kept for at least six years, and GRA auditors can ask to see records, premises and electronic information.
A payment to a Nigerian supplier can look perfectly ordinary in your bank statement and still cause trouble a year later. A GRA auditor, your own external auditor or your bank may ask what it was for, whether tax was withheld and whether the price was fair. The answer is a file of documents that tells the story without you having to remember it.
How long and who can ask
PwC's Ghana summary, reviewed in March 2026, says records of receipts, payments, revenue, expenditure, assets and liabilities must be kept for not less than six years under the Revenue Administration Act, 2016 (Act 915). GRA usually gives notice of an audit; authorised officers then have full access to premises, records and electronic information, and any additional assessment is payable within 30 days. Refund claims can trigger audits too. On the Nigerian side, PwC's Nigeria summary notes that NRS can raise additional assessments within six years, except for fraud or wilful default, so a group with both companies should keep its Nigerian records at least as long.
The core file for each payment
| Document | Why it matters |
|---|---|
| Contract, purchase order or statement of work | Shows what was bought, the price and the terms |
| Supplier invoice | Supports the expense and any VAT claim |
| Bank transfer advice (SWIFT or local) | Proves the amount, date, currency and recipient |
| Bank charges and FX rate | Separates the exchange cost from the price |
| Withholding tax computation and GRA receipt | Shows you deducted and paid any Ghana WHT |
| Delivery evidence | Goods received notes, reports, sign-off emails |
| Approval record | Who in the business approved the payment |
Tax documents that are easy to miss
- Ghana withholding tax. PwC lists 20% final WHT on payments to non-residents for goods, works or services and for management and technical fees. Where you withhold, keep the computation and the GRA payment receipt. See paying contractors in Nigeria.
- VAT on imported services. PwC notes VAT is payable by the importer on imported services. Keep the working if you account for it.
- Valid VAT invoices on the Ghana side. Crowe Ghana warns that weak documentation leads to lost input VAT credits. Purchase invoices from Ghana suppliers should come from GRA-certified systems; see E-VAT invoicing.
- Related-party payments. If the recipient is a related company, keep the intercompany agreement and pricing working; see transfer pricing between Ghana and Nigeria.
Bank and foreign exchange records
Your bank's own charges are part of the cost and belong in the file. As an illustration of how charges are built up, UBA Ghana's 2026 tariff guide lists, for outward telegraphic transfers from a foreign exchange account funded with locally sourced forex, a commission of 1% of face value plus a 1% externalisation charge, minimum US$20, plus a SWIFT charge of US$25. Other banks publish their own tariffs; record what you were actually charged from the advice.
Banks in Ghana may also ask for supporting documents before releasing foreign currency for a payment abroad, such as the invoice or contract. We could not open a Bank of Ghana page setting out the current documentation rules for this article, so ask your bank for its list before the payment is urgent. Our guide on Bank of Ghana import documentation covers payments for goods.
A worked example of one payment file
Example only: in March an Accra distributor pays a Kano supplier US$12,000 for a container of goods. Its file, reference PAY-0312, holds the purchase order, the supplier's proforma and final invoice, the bill of lading and customs entry, the bank's SWIFT advice showing US$12,000 sent and the charges deducted, the cedi rate the bank applied, the goods received note signed at the warehouse and the email in which the finance manager approved the payment. If GRA, the external auditor or the bank asks about PAY-0312 three years later, everything is in one place.
How to organise it
- Give each payment a reference and use it on the bank transfer, the invoice and the file name.
- Store documents digitally in one folder per month, with a backup.
- Record the exchange rate and the source of the rate in your books for each foreign payment.
- Reconcile bank statements monthly against the payment file.
- Keep everything for at least six years from the end of the relevant year.
Where Pryme fits
Payments from a Pryme Business Account can carry a verifiable receipt that anyone can check is genuine and unaltered, which helps when an auditor or supplier questions a payment. The Finance agent can prepare monthly reconciliations for a person to review, and its actions are recorded.
Questions people ask
How long must a Ghana business keep records?
At least six years under the Revenue Administration Act, 2016 (Act 915), as summarised by PwC.
What does GRA ask for in an audit of foreign payments?
Authorised officers can access records, premises and electronic information. Expect to show contracts, invoices, bank advices and withholding tax receipts for each payment.
Do I need an invoice to pay a Nigerian supplier from Ghana?
Your bank may ask for one before releasing foreign currency, and you need it to support the expense in your accounts. Ask your bank for its documentation list.
Should I keep the exchange rate used?
Yes. Record the rate and its source for each foreign payment, and the bank charges separately.
Sources
- PwC Worldwide Tax Summaries: Ghana, corporate tax administration (reviewed 11 Mar 2026) · accessed Oct 2026
- PwC Worldwide Tax Summaries: Nigeria, corporate tax administration (reviewed 29 May 2026) · accessed Oct 2026
- PwC Worldwide Tax Summaries: Ghana, withholding taxes (reviewed 11 Mar 2026) · accessed Oct 2026
- PwC Worldwide Tax Summaries: Ghana, other taxes (reviewed 11 Mar 2026) · accessed Oct 2026
- Crowe Ghana: Ghana VAT reform 2026 (22 Jan 2026) · accessed Oct 2026
- UBA Ghana: Tariff Guide 2026 · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.