By Ruth Serwaa Asare
The Bank of Ghana (BoG) has issued a strong reminder to the public, financial institutions, and businesses to desist from unauthorised dealings in foreign exchange, warning that such practices are illegal under the Foreign Exchange Act, 2006 (Act 723).
In a public notice dated August 27, 2025, the central bank emphasised that unlicensed forex activities — including black market transactions, pricing, advertising, issuing receipts, and making or receiving payments in foreign currency, particularly in US dollars — remain strictly prohibited in Ghana.
The statement reiterated that the Ghana cedi is the sole legal tender in the country. Therefore, no resident, unless duly authorised by the BoG, is permitted to charge, advertise, invoice, or accept payments in foreign currency for goods and services.
Activities highlighted in the directive include the payment of:
- school fees
- sale and rental of vehicles
- sale and rental of real estate
- airline tickets
- domestic contracts
- retail shopping
- online sales
- hotel accommodation
The BoG stressed that any institution or individual engaged in such practices must cease immediately. The notice clarified that foreign currency invoicing is permitted only for expatriates (foreign nationals) and non-residents. Proceeds from such transactions must be deposited into a Foreign Exchange Account (FEA) with licensed banks. Additionally, exchange rates applied must reflect prevailing commercial bank market rates and align with the Bank of Ghana’s published reference rate.
The central bank also emphasised that legitimate external payments in foreign exchange remain transferable only through the banking system and in line with regulatory thresholds and internal processes of commercial banks.
The BoG vowed to strictly enforce compliance, cautioning that violators will face sanctions and possible legal action under Act 723.
