For Ghana, when an exporter has concluded a commercial export contract with a Ghanaian importer and the two parties do not know each other, the irrevocable and confirmed letter of credit is the most appropriate instrument to mitigate the risks.
The Ghanaian importer will ask the Ghanaian bank to issue a letter of credit for the benefit of the exporter who will have previously named the name of the notifying and confirming bank to be accepted by the exporter.
For Ghana, the exporter must choose a confirming bank that has in its network of correspondents the Ghanaian bank that is proposed by the importer but also the one that has an acceptable credit rating so that there is no default of payment from the confirming bank.
A letter of credit issued in Ghana is usually confirmed by a big number of banks which are prepared to take the risks of Ghanaian banks and make sure the beneficiary of the LC or exporter obtain his payment.
LIST OF GHANAIAN BANKS ISSUING LETTERS OF CREDIT AND WHICH ARE ACCEPTED BY THE BANKS OF EXPORTERS
Fidelity Bank of Ghana
Agricultural Development Bank
National Investment Bank
Universal Merchant Bank Ghana
Guaranty Trust Bank
CONFIRMING BANKS FOR LETTER OF CREDIT ISSUED THROUGH GHANAIAN BANKS
Banks which are confirm the letters of credit issued in Ghana by Ghanaian banks are: (please contact us to obtain the list or to be listed as confirming bank).
GHANA: CONFIRMATION FEE FOR LETTER OF CREDIT FROM A GHANAIAN BANK
Confirmation charges and fees for letters of credit issued through Ghanaian banks can be obtained on demand by emailing: email@example.com.
TRADEFINANCE.AFRICA COUNTRIES OF EXPERTISE