The Bank of Ghana (BoG) has warned the public that all unauthorized foreign exchange transactions—including black market dealings, pricing, quoting, advertising, issuing receipts, and making or receiving payments in foreign currencies such as the US dollar—are strictly prohibited under the Foreign Exchange Act, 2006 (Act 723).
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 directed institutions, businesses, and individuals involved in such practices to immediately desist.
The BoG emphasized that the Ghana Cedi remains the country’s sole legal tender. Therefore, no resident, unless duly licensed or authorized by the Bank, may price, advertise, invoice, or accept payment in foreign currency for goods and services.
Prohibited transactions include, but are not limited to:
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School fees
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Sale or rental of vehicles
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Sale or 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
The statement clarified that foreign currency invoices are permitted only for expatriates (non-residents), and proceeds must be deposited into a Foreign Exchange Account (FEA) with a licensed bank. Exchange rates on such invoices must reflect prevailing commercial bank rates and be benchmarked against the BoG’s published reference rate.
The Bank assured the public that legitimate external payments can still be made through the formal banking system, subject to regulatory thresholds and commercial bank procedures.
Reiterating its commitment to strict enforcement, the BoG warned that violators will face sanctions and legal consequences under Act 723.
Source: Adomonline
