The Bank of Ghana (BoG) has issued a strong reminder that it is illegal for businesses and individuals to price, advertise, or demand payment in foreign currencies such as the US dollar for goods and services within Ghana.
In a statement signed by Ms. Aimee V. Quashie on behalf of the Secretary of the Bank, the BoG directed all public and private institutions, as well as individuals, to immediately cease unlicensed or unauthorised foreign exchange transactions. These include black market forex dealings, quoting or advertising prices in dollars, issuing receipts in foreign currencies, and receiving payments outside the banking system.
Ghana Cedi Remains the Only Legal Tender
The Central Bank emphasised that the Ghana Cedi is the sole legal tender in the country. Except where expressly licensed or authorised, no resident of Ghana is permitted to invoice, charge, or transact in foreign currency.
The directive specifically prohibits the use of foreign currency in:
- Payment of school fees
- Sale and rental of vehicles and real estate
- Airline ticketing
- Domestic contracts and retail transactions
- Online sales and e-commerce
- Hotel and accommodation services
According to the BoG, foreign currency invoices may only be issued to expatriates or non-residents, with proceeds deposited into a Foreign Exchange Account (FEA) at a licensed bank. Exchange rates quoted must reflect prevailing commercial bank rates and align with the BoG’s published reference rate.
Sanctions for Illegal Forex Transactions
The BoG reassured the public that legitimate foreign exchange transactions for external payments remain available through the formal banking system, subject to regulatory thresholds and banking procedures.
However, the Central Bank warned that violations of the Foreign Exchange Act, 2006 (Act 723) will attract strict sanctions and legal action.
Key Takeaway
The Bank of Ghana is reinforcing its stance to protect the stability of the Ghana Cedi and curb black market forex activities. Businesses and individuals are advised to comply fully with the directive or risk facing penalties.
