The Bank of Ghana has warned that the Ghana Cedi remains the only legal tender in the country, cautioning individuals and institutions against unauthorized foreign exchange transactions and dollar pricing of goods and services.
In a notice issued on August 27, 2025 and signed by Aimee V. Quashie for the Secretary, the central bank stressed that unlicensed forex dealings including black market trading, pricing and quoting in dollars, advertising in foreign currency, issuing receipts and receiving or making payments in foreign currency — are strictly prohibited under the Foreign Exchange Act, 2006 (Act 723).
The directive ordered all institutions and individuals engaged in such practices to “immediately cease and desist. The Bank listed prohibited transactions to include school fees, vehicle sales and rentals, real estate, airline tickets, domestic contracts, retail shopping, online sales and hotel accommodation, adding that such payments must strictly be conducted in Ghana cedis unless otherwise authorised.
However, the notice clarified that foreign currency invoices may be issued to expatriates or non-residents, with proceeds deposited into a Foreign Exchange Account (FEA) with a licensed bank. It further directed that exchange rates applied must reflect prevailing market rates of commercial banks and be benchmarked against the Bank of Ghana’s published reference rate, and not arbitrarily determined.
The statement also reassured the public that foreign exchange remains transferable through the banking system for legitimate external payments, subject to regulatory thresholds and the internal processes of commercial banks.
Reiterating its stance, the Bank warned that it “will continue to enforce compliance, and violators will be subject to sanctions and appropriate legal action in accordance with Act 723.”
