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How to Build and Maintain Good Credit as a Ghanaian Expat

19 Jul 2023

As a Ghanaian expat, building and maintaining good credit is essential for financial stability and access to various opportunities. Whether you plan to send money to Ghana, apply for loans, or establish a solid financial foundation, having good credit can make all the difference. In this comprehensive guide, we will explore actionable steps you can take to build and maintain good credit as a Ghanaian expat, empowering you to achieve your financial goals.

Good Credit – Why Is It Important?

Maintaining good credit is vital as it allows access to financial opportunities, lowers borrowing costs, and provides financial stability and peace of mind. With good credit, you can qualify for better rates on loans, secure rental apartments, and obtain favourable insurance premiums. It also means paying less in interest charges over time. All this saved money may be put to good use, such as sending money to Ghana, where your loved ones reside. Good credit serves as a safety net during emergencies and offers a solid financial foundation. Overall, it opens doors to a range of benefits and ensures a secure and prosperous future.

Understanding Credit and its Importance

Credit is a measure of your financial trustworthiness and plays a crucial role in your financial journey. It determines your ability to access loans, rent an apartment, or secure favourable insurance rates. Building and maintaining good credit as a Ghanaian expat is key to unlocking these opportunities, such as saving money for the family and establishing a strong financial future.

And if you are an expat, it might be the best opportunity for you to maintain your good credit for the sake of saving up and making money transfers to Ghana, where your family lives.

Establishing a Strong Financial Foundation

Before delving into credit-building strategies, it is vital to establish a strong financial foundation. Start by creating a budget, tracking your expenses, and building an emergency fund. This solid groundwork will help you manage your finances effectively and avoid unnecessary debt.

Building Credit as a Ghanaian Expat

Open a Local Bank Account

Opening a local bank account is an essential first step in building credit. It demonstrates your financial stability and enables you to establish a relationship with the local banking system. Consider researching reputable banks in your destination country and choose one that aligns with your needs. It will benefit you manifold where making a secure money transfer to Ghana whenever needed remains the top requirement for you as an expat worker.

Obtain a Local Credit Card 

Securing a local credit card is an effective way to build a credit history. Start with a secured credit card, which requires a security deposit as collateral. Make regular payments and maintain a low credit utilisation ratio to showcase responsible credit usage.

Utilise Credit Builder Loans 

Credit builder loans are specifically designed to help individuals establish credit. These loans often have low-interest rates and require you to make regular payments over a predetermined period. By repaying these loans diligently, you can boost your credit profile.

Managing Credit Responsibly

Building credit is only half the battle. Responsible credit management is crucial for maintaining good credit scores. Some key practices for maintaining good credit are:

Make Timely Payments 

Consistently pay your bills and credit card balances on time. Late payments can significantly impact your credit score and hinder your credit-building efforts.

Keep Credit Utilisation Low 

Maintain a low credit utilisation ratio by using only a small portion of your available credit. Aim to keep your credit utilisation below 30% to showcase responsible credit usage.

Diversify Your Credit Mix

Having a mix of credit types, such as credit cards, loans, and mortgages, can positively impact your credit score. However, avoid taking on unnecessary debt and only borrow what you can comfortably repay.

Monitoring Your Credit Score

Regularly monitoring your credit score is essential to track your progress and identify any discrepancies. How can you do it?

Regularly Check Your Credit Report 

Obtain a copy of your credit report from the credit bureaus and review it for errors or inaccuracies. Report any discrepancies promptly to ensure the accuracy of your credit information.

Utilise Credit Monitoring Services 

Consider utilising credit monitoring services that provide regular updates on your credit score and alert you to any significant changes or potentially fraudulent activity.

Tips for Maintaining Good Credit 

Building good credit is a continuous process. You should keep track of due dates. Set reminders or automate your bill payments to avoid missing due dates. Timely payments are crucial for maintaining good credit. Clear out your financial obligations as soon as possible. Decreasing the overall financial burden might improve your credit score.

Avoid unnecessary credit applications. Applying for multiple lines of credit within a short period can raise red flags and negatively impact your credit score. Only apply for credit when necessary.

ACE Money Transfer - Your Reliable Remittance Partner 

ACE Money Transfer is a leading online money transfer service that facilitates secure and convenient remittances to Ghana. With ACE, you can make an online money transfer to Ghana quickly and reliably, supporting your financial commitments and providing assistance to loved ones. Trust ACE Money Transfer for all your remittance needs.


Building and maintaining good credit as a Ghanaian expat is a crucial step toward financial success. By following the strategies outlined in this guide, such as opening a local bank account, obtaining a local credit card, and managing credit responsibly, you can establish a solid credit profile. Remember to monitor your credit score regularly and adopt healthy financial habits to maintain your creditworthiness. 

With ACE Money Transfer, you have a trusted remittance partner that can facilitate your remittances effortlessly.


How long does it take to build good credit as a Ghanaian expat? 

The timeline for building good credit can vary depending on individual circumstances. It typically takes time to establish a solid credit history. Consistently practising responsible credit habits, such as making timely payments and keeping credit utilisation low, can help expedite the process. Generally, it may take several months to a few years to build good credit as a Ghanaian expat.

Can I build credit in Ghana while living abroad? 

Yes, it is possible to build credit in Ghana while living abroad. Opening a local bank account and obtaining a local credit card can be the first steps towards establishing credit. By using these credit instruments responsibly, making regular payments, and maintaining a positive credit history, you can build credit even while residing outside of Ghana.

Does opening multiple credit cards improve my credit score? 

Opening multiple credit cards can have both positive and negative impacts on your credit score. On one hand, having a diverse credit mix can benefit your score. However, applying for multiple credit cards within a short period can lead to multiple hard inquiries on your credit report, which can temporarily lower your score. Additionally, managing multiple credit cards responsibly by making timely payments and keeping balances low can positively impact your credit score over time.

What should I do if I find errors on my credit report? 

If you discover errors on your credit report, it is essential to take immediate action to rectify them. Start by contacting the credit bureaus in Ghana and filing a dispute to report the inaccuracies. Provide supporting documentation to support your claim. The credit bureaus will investigate the errors and make the necessary corrections if they find them to be valid. Regularly reviewing your credit report and promptly addressing any discrepancies is crucial for maintaining accurate credit information.

How does ACE Money Transfer ensure the security of online money transfers to Ghana? 

ACE Money Transfer prioritises the security and safety of online money transfers to Ghana. They employ advanced encryption technologies and robust security measures to protect customer data and financial transactions. ACE Money Transfer adheres to industry best practices and regulatory standards to ensure secure and reliable remittance services. Additionally, they may offer features like two-factor authentication and transaction monitoring to enhance security further and prevent fraudulent activities.

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