- The Bank of Ghana has issued a strong warning against unauthorized foreign exchange transactions, reminding the public that the Ghana cedi is the only legal tender for domestic payments.
- The directive bans pricing, advertising, and invoicing in foreign currencies — especially USD — for goods and services such as school fees, rent, airline tickets, and online sales.
- Only licensed entities and non-residents are permitted to transact in foreign currency, and all forex transfers must go through the banking system.
- Violators will face legal action under Act 723.
The Bank of Ghana is drawing a hard line on foreign currency use in local transactions — and it’s warning that violators will face serious consequences.
In a public notice dated August 27, the central bank reminded businesses and individuals that pricing, advertising, or accepting payments in foreign currencies like the US dollar is illegal unless properly licensed. The directive applies to a wide range of sectors, including education, real estate, hospitality, retail, and online commerce.
The BoG emphasized that the Ghana cedi remains the only legal tender for domestic transactions. While foreign currency invoicing is permitted for expatriates and non-residents, those payments must be routed through licensed banks and deposited into Foreign Exchange Accounts. Exchange rates must reflect current commercial bank rates and align with the BoG’s published reference rate — not arbitrary figures.
The warning comes amid growing concerns over black market forex activity and dollarization in everyday transactions. The BoG says it will strictly enforce compliance and prosecute offenders under the Foreign Exchange Act, 2006 (Act 723).
For consumers and businesses alike, the message is clear: if you’re dealing in dollars without a license, you’re breaking the law — and the BoG is watching.
