The Bank of Ghana (BoG) has issued a strong reminder that the Ghana Cedi remains the only legal tender in the country, warning individuals and institutions against pricing or transacting in foreign currencies such as the US dollar.
In a statement dated Wednesday, August 27, 2025, and signed by Ms. Aimee V. Quashie on behalf of the Secretary of the Bank, the BoG cautioned that unauthorized foreign exchange dealings—including black market transactions, advertising, invoicing, and payments in foreign currency—are strictly prohibited under the Foreign Exchange Act, 2006 (Act 723).
The directive applies to both public and private entities, as well as individuals, and specifically bans dollar-denominated pricing in areas such as:
- School fees
- Vehicle sales and rentals
- Real estate sales and rentals
- Airline tickets
- Domestic contracts
- Retail shopping and online sales
- Hotel accommodation
The statement noted that exceptions are only permitted for expatriates or non-residents, and even in such cases, payments must be lodged into a Foreign Exchange Account (FEA) with a licensed bank. Invoices must also reflect market exchange rates as published by the BoG and commercial banks, not arbitrary rates.
The Central Bank stressed that foreign exchange transfers remain available through the formal banking system for legitimate external payments, subject to regulatory thresholds and bank processes.
Reiterating its commitment to safeguarding the Ghana Cedi, the BoG warned that offenders will face sanctions and prosecution in line with Act 723.
