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
Yes. A Ghana business can pay a Nigerian supplier in US dollars through its bank, but the Bank of Ghana's amended guidelines, effective 1 September 2025, require importers to back foreign currency transactions with documents such as an endorsed Import Declaration Form, a valid commercial invoice and a contract where applicable. The supplier receives dollars into a dollar account in Nigeria. PAPSS offers a cedi-to-naira alternative through connected banks.
Dollars are the usual currency between Ghanaian buyers and Nigerian sellers, partly because neither the cedi nor the naira is widely held across the border. Paying in dollars is legal, but both central banks want to see that each payment matches real trade. Getting the papers right before you pay saves weeks of back-and-forth with your bank.
The Bank of Ghana's documentation rules
In August 2025 the Ghana News Agency reported a Bank of Ghana notice amending its guidelines, under the Foreign Exchange Act, 2006, the Anti-Money Laundering Act, 2020 and the Customs Act, 2015, with full effect from 1 September 2025. For importers, it listed documents to support foreign currency transactions:
- An endorsed foreign exchange bureau receipt, or endorsed bank slips showing the withdrawal or purchase of the foreign currency
- Endorsed copies of a valid Import Declaration Form (IDF)
- A valid commercial invoice
- A contract, where applicable
The report says undeclared funds, false declarations or missing documents may lead to immediate seizure, fines or prosecution. The notice focuses on the movement and declaration of foreign currency; your bank will apply its own checklist for an outward transfer, which usually mirrors these documents. Ask it for that list before you place the order. The IDF itself comes from the Ministry of Trade; the US International Trade Administration's Ghana guide puts its cost at GH¢5.
How the payment moves
A dollar transfer from a Ghanaian bank to a Nigerian supplier normally goes by international wire. You will need the supplier's company name exactly as registered, the bank's name and SWIFT code, and a dollar (domiciliary) account number. Paying a personal account for a company invoice is a red flag to both banks and to customs valuation officers.
On the Nigerian side, a supplier exporting goods should have its paperwork in order: the Nigeria Trade Portal lists a domiciliary account for export proceeds and Form NXP for a commercial export. A supplier who cannot produce an NXP may be selling goods that never went through an export procedure, which can cause you problems at Ghana customs. See Form NXP and export proceeds.
The local-currency alternative: PAPSS
The Pan-African Payment and Settlement System lets a payer in one country pay in local currency and the recipient receive local currency. Its page says payments are processed within a maximum of 120 seconds and are available only through connected banks; in October 2026 it listed 17 connected banks in Ghana and 11 in Nigeria. Both your bank and your supplier's bank must be connected. See which Ghana banks are connected to PAPSS and settling a Nigerian invoice through PAPSS.
| Point | US dollar wire | PAPSS |
|---|---|---|
| Currency you pay | Dollars (bought with cedis if needed) | Cedis |
| Currency supplier gets | Dollars | Naira |
| Who must be connected | Any banks with correspondent links | Both banks must be PAPSS participants |
| Speed | Depends on correspondent banks | Up to 120 seconds, per PAPSS |
| Costs | Your bank's fee, correspondent charges, FX margin if converting | Bank's fee and FX rate (not published by PAPSS) |
Worked example of conversion cost (illustrative)
You owe a supplier US$10,000. If your bank sells dollars at GH¢0.20 above the mid-market rate per dollar, the margin alone costs GH¢2,000, before the transfer fee and any correspondent charge deducted on the way. Ask your bank for the rate, the fee and whether charges are shared (SHA) or paid by you (OUR) before you send, and compare that with what the supplier actually receives.
Protecting yourself before you pay
Cross-border supplier fraud usually works by changing bank details at the last minute, often by email from an address that looks like the supplier's. Treat any change in the account name, bank or country as a warning sign and confirm it by phone with someone you already know at the supplier. For a first order, pay a deposit and the balance against shipping documents rather than everything upfront. The Bank of Ghana documents also help you here: an invoice, contract and IDF that agree with each other make it harder for anyone to slip in a different beneficiary. For the Nigerian side of this problem, see stopping supplier payment fraud.
What to check first
- Get the IDF and a proper commercial invoice and contract before paying.
- Confirm the supplier's company bank details by phone with a known contact, not by email alone.
- Ask your bank for its document checklist and charges.
- Check whether a PAPSS route is open between your bank and the supplier's.
Where Pryme fits
For the Nigerian supplier, a Pryme Business Account gives dollar account details, so dollars from Ghana arrive as dollars and stay that way until the business chooses to convert with Swap. The app shows the rate and the fee before you approve. Account security uses an authenticator app and a transaction PIN; see security.
Questions people ask
Can I pay a Nigerian supplier in cedis?
Through PAPSS, if both banks are connected, you pay in cedis and the supplier receives naira. A normal international wire is usually in dollars.
What documents does my Ghana bank need for an import payment?
The Bank of Ghana's 2025 guidelines list an endorsed IDF, a valid commercial invoice and a contract where applicable, plus evidence of how the currency was obtained. Your bank may ask for more.
Can I pay the supplier's personal account?
It is unwise. Pay the company account named on the invoice; mismatches cause problems with banks and customs.
When did the new Bank of Ghana forex rules start?
The amended guidelines took full effect on 1 September 2025, according to the Ghana News Agency.
Sources
- Ghana News Agency: Bank of Ghana issues new forex guidelines for importers (28 Aug 2025) · accessed Oct 2026
- PAPSS: Send and receive money (participating banks by country) · accessed Oct 2026
- US International Trade Administration: Ghana Country Commercial Guide, Import Requirements and Documentation (last published 6 Aug 2025) · accessed Oct 2026
- Nigeria Trade Portal (Federal Ministry of Industry, Trade and Investment): export procedures and certificates · 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.