The Bank of Ghana (BoG) has issued a firm reminder that the Ghana cedi is the sole legal tender in the country, cautioning institutions and individuals against pricing or transacting in foreign currencies such as the US dollar without authorization.
In a statement dated Wednesday, August 27, 2025, and signed by Ms. Aimee V. Quashie on behalf of the Bank’s Secretary, the Central Bank warned that unlicensed foreign exchange activities—including black market dealings, pricing, advertising, invoicing, issuing receipts, and receiving payments in foreign currencies—are strictly prohibited under the Foreign Exchange Act, 2006 (Act 723).
The directive specifically applies to transactions involving:
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School fees
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Sale and rental of vehicles
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Sale and rental of real estate
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Airline tickets
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Domestic contracts
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Retail shopping
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Online sales
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Hotel accommodation
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According to the BoG, only licensed entities may issue invoices in foreign currency, and even then, such invoices are limited to expatriates or non-residents. Proceeds from these transactions must be paid into a Foreign Exchange Account (FEA) with a licensed bank.
The Bank further instructed that exchange rates quoted on such invoices must reflect prevailing commercial bank rates and align with the BoG’s published reference rate, rather than arbitrary rates.
The statement assured the public that legitimate external payments remain transferable through the formal banking system, subject to existing regulatory thresholds and banks’ internal procedures.
Reaffirming its commitment to enforcing compliance, the BoG cautioned that offenders will face sanctions and legal consequences in line with Act 723.
Story By: Afia Ohenewaa Akyerem