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The short answer
Yes, in most cases, if you are resident in Ghana: a fixed deposit is opened on top of a bank relationship, and NIA lists the Ghana Card as required for opening and operating a bank account in Ghana. A Nigerian resident with a passport, residence permit and Non-Citizen Ghana Card can usually open one; a Nigerian living outside Ghana should ask each bank whether it accepts non-resident depositors.
A fixed deposit (often called a fixed deposit account or time deposit) locks a sum with a bank for an agreed period at an agreed rate. You give up access in return for certainty. For Nigerians earning cedis, it is a common first step before considering treasury bills or funds.
Eligibility: the Ghana Card gate
The Immigration and Refugee Board of Canada, summarising NIA's pages in December 2025, records that the Ghana Card is required for transactions such as "opening and operating a bank account in Ghana", and NIA reports that banks verify identities against its register. A fixed deposit therefore follows the same identity route as any account.
For a non-citizen, the card is the Non-Citizen Ghana Card. NIA's FIMS page says it is available to foreign nationals resident for at least 90 cumulative days and lists a residence permit among the documents; first issue was US$120, paid in cedis, as at January 2026. See getting the non-citizen Ghana Card and opening a Ghanaian bank account.
Documents usually asked for
- Nigerian passport and Ghana residence permit.
- Non-Citizen Ghana Card.
- Proof of Ghanaian address.
- An existing current or savings account at the bank, or the documents to open one.
- Evidence of the source of the money, such as payslips, an employment letter or a sale agreement.
- A tax number if the bank asks; see whether your Ghana Card PIN is your tax number.
Questions to ask before you lock money away
- What is the rate, is it fixed for the whole term, and is it quoted a year?
- Is interest paid at maturity or periodically, and is tax deducted before it reaches you?
- What happens if I need the money early: is there a penalty, or is interest forfeited?
- Does the deposit roll over automatically at maturity, and at what rate?
- Is the deposit protected by Ghana's deposit protection arrangements, and up to what amount?
- Can the deposit be in US dollars instead of cedis, and on what terms?
How the interest works: a worked example
Banks usually quote fixed deposit rates a year and calculate interest for the actual number of days. Example only, at an assumed 20% a year: GH¢10,000 for 182 days earns 10,000 × 0.20 × 182 ÷ 365 = GH¢997.26 before tax. Over a full 365 days it earns GH¢2,000. Ask the bank whether it uses 365 or 360 days, because a 360-day basis gives slightly more interest on the same quoted rate (GH¢1,011.11 for 182 days in this example).
| Term (example) | Days | Interest at an assumed 20% a year on GH¢10,000 |
|---|---|---|
| 3 months | 91 | GH¢498.63 |
| 6 months | 182 | GH¢997.26 |
| 1 year | 365 | GH¢2,000.00 |
Cedi risk if the money is for Nigeria
A cedi deposit earns cedis. If the plan is to spend in Ghana, that matches. If you plan to move the money to Nigeria later, your naira result depends on how the cedi and naira move over the term, and on the conversion cost at the end, which is made up of a transfer fee and a margin on the exchange rate. See cedi depreciation and savings.
Fixed deposit or treasury bill?
Nigerians in Ghana often compare a bank fixed deposit with Ghanaian treasury bills. The main differences are who owes you the money and how you exit. A fixed deposit is a debt of one bank, with early exit on the bank's terms; a treasury bill is a debt of the government, held to maturity, usually bought through a bank or broker. Rates on both move with market conditions, so compare the figures quoted to you on the same day, for the same term, after any tax and fees.
Whichever you choose, keep the confirmation the bank or broker gives you, showing the amount, term, rate and maturity date. It is your evidence if a dispute arises, and it is useful when you later explain the source of funds to a bank in Nigeria. See Ghana treasury bills for foreigners.
If you live outside Ghana
Without residence you cannot get the Non-Citizen Ghana Card, which removes the main identity route banks use. Some banks may still serve non-residents through special arrangements, but we found no published terms. Ask before sending money, and never send funds to a personal account for a "bank officer" to open a deposit for you.
Where Pryme fits
For money meant for Nigeria, Pryme's Savings Boxes are for naira held in Nigeria. Naira deposits are held by a licensed Nigerian microfinance bank, regulated by the CBN and insured by the NDIC up to the applicable limit, and each Box shows its rate in the app. See Savings Boxes.
Questions people ask
Can a foreigner open a fixed deposit in Ghana?
A resident foreigner usually can, through a bank account opened with a passport, residence permit and Non-Citizen Ghana Card. Each bank sets its own terms.
Can I open a Ghana fixed deposit from Nigeria?
Ask the bank. Without Ghanaian residence you cannot get the Non-Citizen Ghana Card, which banks use for identity checks.
Is fixed deposit interest taxed in Ghana?
Ask the bank whether tax is withheld at source and at what rate; we did not confirm it on an official page for this guide.
Can I break a fixed deposit early in Ghana?
Usually yes, with a penalty or loss of interest set in the bank's terms. Ask for the early withdrawal clause before you sign.
Sources
- Immigration and Refugee Board of Canada: Ghana, the Ghana Card (GHA202451.E, 18 Dec 2025) · accessed Oct 2026
- National Identification Authority: Foreigner Identification Management System (FIMS) (updated 25 Jan 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.