If you want to go to places in and around Cape Coast that are too far away to walk to, you can either charter a (relatively expensive) drop-taxi, or you can try your luck with a shared taxi. The system of shared taxi's is much cheaper, because the normal price of a trip is divided by 4, because to taxi only departs when there are 4 people inside. Disadvantage is that it can take a while before there are 4 persons inside.
In Cape Coast the shared taxi's depart from a narrow street just behind Chapel Square. They go in a lot of different directions, of which (for tourists) Elmina is the most interesting one. A trip to Elmina only costs 2.500 cedis per person: $ 0,25 and takes about 15 minutes.
When you get there, the drivers will still try to get you in a drop-taxi, so make clear that you are in a shared one. When you feel it is taking too long before the taxi is full, you can always decide to pay for the remaining passengers, and you're still better of than when chartering a taxi.
Even though Cape Coast has quite a small city centre, it still can be nice to take a taxi to get from one end to the other, simply because at daytime it can be extremely hot there. If you want to prevent yourself from sweating like a pig because of a 10 minutes walk, a taxi ride can be a good and cheap solution.
For a taxi-ride within the centre of Cape Coast, you shouldn't pay more than 10.000 cedis or $ 1,-. Every taxidriver will start with asking a higher price, but 10.000 really is enough. You can also charter a taxi for longer trips to Elmina or Kakum N.P. A price of 30.000 cedis per hour is a good deal than.
The most comfortable way to get to Cape Coast is by STC-bus. STC is the most reliable transport-company in the country and has a lot of comfortable, air-conditioned busses. These busses connect all the major cities in the country. From Cape Coast, busses go to all directions: like Accra, Takoradi, Kumasi, and also to some destinations outside of Ghana like Abidjan in Ivory Coast.
The busses are more expensive than the Tro-Tro connections, but still very cheap for Western standards. From Cape Coast to Kumasi costs 75.000 cedis ($ 7,50), to Accra is 50.000 and to Takoradi is even cheaper cedis. Busses to all destinations depart several times a day.
Tickets should be bought in advance, up to a week before the trip. If you try to buy them on the day of travelling, or even a day before, you have big chance of being too late. tickets can only be bought at the STC-station in north of the city, close to the junction towards Kakum N.P.
The road from Cape Coast to Kumasi is more scenic and pleasant than that from Accra to Kumasi, so I recommend this route. I also recommend the tro-tro over the STC bus for this ride of just a few hours. The van is certainly faster than the bus too. At the Kumasi tro-tro station in Cape Coast, I don't recall the location exactly but the town is small enough to find it, choose the van up front and pay the driver extra for the front seats if you want them. This was about a four hour ride as I recall. The road is not good in places, due to the heavy rains, but we managed to get through without trouble, arriving at the central bus station in Kumasi.
A taxi is the most convenient way of transportation in and around Cape Coast. Make sure to settle the price before you enter the car.