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The Bank of Ghana (BoG) has reiterated the caution to institutions and individuals against charging or accepting payments in foreign currencies for goods and services in Ghana, stressing that the Ghana cedi remains the only legal tender.
In a notice issued on Wednesday, August 27, 2025, the central bank reminded the public that under the Foreign Exchange Act, 2006 (Act 723), it is illegal for any person or institution without authorisation to engage in foreign exchange transactions.
These include black market dealings, pricing, invoicing or advertising in foreign currencies, particularly the United States dollar.
“The Ghana cedi remains the only legal tender in Ghana,” the notice signed by Mrs Aimee V. Quashie, Secretary to the Bank, said.
It added that no resident of Ghana, unless duly licensed or authorised by the Bank of Ghana, should price, advertise, invoice or receive payment in any foreign currency.
The directive covers transactions such as the payment of school fees, the sale and rental of vehicles, the sale and rental of real estate, airline tickets, domestic contracts, retail shopping, online sales and hotel accommodation.
According to the BoG, foreign currency invoices may be issued only to expatriates or non-residents, with proceeds required to be paid into a Foreign Exchange Account (FEA) with licensed banks.
The Bank further stated that exchange rates on such invoices must reflect prevailing market rates of commercial banks and be benchmarked against its published reference rate.
The Bank of Ghana said foreign exchange transfers for legitimate external payments remain permitted through the banking system, subject to regulatory limits and procedures.
It cautioned that enforcement would continue and warned that persons or institutions found to be in breach would face sanctions and prosecution in line with Act 723.
