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
Keep the books in one functional currency, normally the cedi for a business run from Ghana, and record each naira transaction in cedis at the exchange rate on the day it happens. At each month end, revalue naira cash, receivables and payables at the closing rate and post the difference as an exchange gain or loss, so the cedi books always show what the naira balances are worth today.
A Ghana business that buys from Nigerian suppliers, sells to Nigerian customers or holds a naira account ends up with two currencies in one set of books. Done badly, the accounts show a cedi balance that has nothing to do with reality. Done well, they show exactly how much the currency moves cost you.
Step one: the functional currency
Under the IFRS framework that Ghana uses, the functional currency is the currency of the main economic environment the business operates in: the currency that mostly sets your prices, your costs and your financing. ICAG's adoption notice says public interest entities in Ghana apply full IFRS and all other SMEs should apply the IFRS for SMEs; the steps below are the basic approach your accountant will apply under either. For most businesses run from Accra or Kumasi that is the cedi. A business that sells mostly into Nigeria, prices in naira and pays most of its costs in naira may have a different answer; ask your accountant.
The reporting currency for your Ghana statutory accounts and GRA returns is a separate question, and for a Ghana company it will be the cedi.
Step two: record each transaction at the day's rate
Every naira invoice, receipt and payment is recorded twice in effect: its naira amount, and its cedi equivalent at the exchange rate on the transaction date. Pick one source of rates and use it consistently, for example your bank's rate or a published reference rate, and note which in your accounting policy. Most accounting packages can hold a naira ledger alongside the cedi one.
- Keep a naira bank account as a separate account in the books, with its naira balance and its cedi value.
- Record a naira sales invoice at the rate on the invoice date, not the date the customer pays.
- When the customer pays, record the receipt at that day's rate; the difference is a realised exchange gain or loss.
- Record bank charges on currency conversions as charges, not as part of the exchange difference.
Step three: month-end revaluation
At each month end, the monetary items in naira, meaning cash, amounts customers owe you and amounts you owe suppliers, are revalued at the closing rate. The difference from their previous cedi value is posted as an unrealised exchange gain or loss. Non-monetary items such as stock or equipment bought in naira stay at the rate when you bought them.
A worked example
Example only, with made-up rates. On 3 March a Ghana trading company invoices a Lagos customer ₦2,000,000. The rate that day is GH¢1 = ₦100, so the receivable is recorded at GH¢20,000.
| Date | Event | Rate (example) | Cedi value | Gain or loss |
|---|---|---|---|---|
| 3 Mar | Invoice ₦2,000,000 | ₦100 | GH¢20,000 | - |
| 31 Mar | Month-end revaluation, still unpaid | ₦110 | GH¢18,182 | Unrealised loss GH¢1,818 |
| 15 Apr | Customer pays ₦2,000,000 | ₦105 | GH¢19,048 | Realised gain GH¢866 against 31 Mar value |
Check the arithmetic: 2,000,000 / 110 = 18,181.82, so the March loss is 20,000 − 18,182 = GH¢1,818 (rounded). In April the cash is worth 2,000,000 / 105 = 19,047.62, so the gain is 19,048 − 18,182 = GH¢866. Overall, the company lost 20,000 − 19,048 = GH¢952 on currency between invoice and payment, which is exactly the March loss less the April gain.
Tax treatment
How Ghana taxes realised and unrealised exchange differences is a question for GRA guidance or your tax adviser; we did not confirm it for this article. One rule we could confirm from PwC's Ghana summary: an entity (other than a financial institution) that is 50% or more owned or controlled by an "exempt person", a term the tax law defines, is treated as thinly capitalised if its debt-to-equity ratio exceeds 3:1, and interest and foreign exchange losses on the related-party debt are then not deductible. Our guide on whether FX losses are deductible for a Ghana company covers this, and revaluing naira balances at year end covers the closing entries.
Records to keep
Keep the rate source for each transaction and each month end, bank statements for both currencies and the revaluation workings. PwC's Ghana summary says records must be kept for at least six years under the Revenue Administration Act, 2016 (Act 915).
Where Pryme fits
A Pryme Business Account keeps naira, dollars, pounds and euros as separate balances, so money stays in the currency it arrived in until you choose to convert with Swap, and the rate and fee are shown before you approve. The Finance agent can prepare month-end statements per currency for your accountant.
Questions people ask
Can I keep my Ghana company books in naira?
Your statutory accounts and GRA filings will be in cedis. You can keep a naira ledger inside the cedi books, and in unusual cases the functional currency may differ; ask your accountant.
Which exchange rate should I use?
Choose one consistent source, such as your bank's rate or a published reference rate, and record it in your accounting policy.
What is an unrealised exchange loss?
The fall in cedi value of a naira balance you still hold, or are still owed, measured at month end. It becomes realised when the money is actually received or paid.
Do I revalue stock bought in naira?
No. Stock and equipment are non-monetary items and stay at the rate when bought. Only cash, receivables and payables are revalued.
Sources
- ICAG: Adoption of IFRS for SMEs in Ghana · accessed Oct 2026
- PwC Worldwide Tax Summaries: Ghana, corporate tax administration (reviewed 11 Mar 2026) · accessed Oct 2026
- PwC Worldwide Tax Summaries: Ghana, group taxation (reviewed 11 Mar 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.