The Bank of Ghana (BoG) has cautioned individuals and institutions against engaging in unauthorized foreign exchange transactions, stressing that such activities are prohibited under the Foreign Exchange Act, 2006 (Act 723).
In a public notice issued on August 27, 2025, the central bank reminded the public that the Ghana cedi remains the only legal tender in the country.
It warned that no resident of Ghana is permitted to price, advertise, invoice, or make payments in any foreign currency particularly the US dollar unless duly licensed or authorized by the BoG.
The restriction covers a wide range of goods and services, including school fees, vehicle sales and rentals, real estate, airline tickets, domestic contracts, retail shopping, online sales, and hotel accommodation.
The bank clarified that foreign currency invoices may be issued only to expatriates or non-residents, with proceeds required to be deposited into a Foreign Exchange Account (FEA) with a licensed bank.
It further directed that exchange rates applied on such invoices must reflect prevailing commercial bank rates and be benchmarked against the BoG’s published reference rate.
“The Ghana Cedi remains the only legal tender in Ghana,” the notice emphasized, adding that all violators will face sanctions and legal action.
The BoG also reassured businesses and individuals that legitimate external payments remain permissible through the banking system, subject to regulatory thresholds and commercial banks’ internal processes.
Signed by the Secretary of the Bank, Aimee V. Quashie, the notice concluded with a firm pledge to enforce compliance with the law.
Source :www.kumasimail.com
