The Bank of Ghana (BoG) has issued a renewed warning to the public and business community against conducting unlicensed foreign exchange transactions, stressing that such practices remain illegal under the Foreign Exchange Act, 2006 (Act 723).
In a statement signed by Ms. Aimee V. Quashie on behalf of the Secretary of the Bank, and dated Wednesday, August 27, 2025, the Central Bank directed individuals, businesses, and institutions to immediately halt unauthorized dealings in foreign currency.
These activities include black-market trading, pricing goods and services in US dollars or other foreign currencies, advertising in foreign currency, issuing receipts, or accepting payments in any currency other than the Ghana Cedi without approval.
The Bank reiterated that the Ghana Cedi is the sole legal tender in the country, and therefore, no resident unless duly licensed or authorized is permitted to quote or transact in foreign currency.
Among the prohibited practices highlighted were:
- Charging or paying school fees in foreign currency
- Sale and rental of vehicles
- Sale and rental of real estate
- Pricing of airline tickets for domestic routes
- Domestic service contracts
- Retail and online sales transactions
- Hotel accommodation and hospitality services
According to the BoG, the only exception applies to expatriates and non-residents, who may be invoiced in foreign currency. Even in such cases, payments must be deposited into a Foreign Exchange Account (FEA) with a licensed commercial bank.
Furthermore, exchange rates used must align with prevailing commercial bank rates and be benchmarked against the BoG’s published reference rate, rather than being set arbitrarily.
The Central Bank emphasized that these directives are intended to protect the stability of the Ghana Cedi, safeguard consumers, and reduce pressure on the country’s foreign reserves. Officials warned that violators of the law risk sanctions, including fines, withdrawal of business licenses, and possible prosecution.
The statement comes at a time when the Bank has intensified its crackdown on the parallel foreign exchange market, which authorities say undermines monetary policy and contributes to currency volatility.
