The Bank of Ghana (BoG), via a statement signed by Aimee V. Quashie, has indicated that pricing, invoicing, or transacting in foreign currency such as the US Dollar is now strictly prohibited in Ghana unless formally licensed or authorized by the central bank, per the Foreign Exchange Act, 2006 (Act 723). This decision was made public on Wednesday, August 27, 2025.
Key Highlights To Note
The Ghana Cedi remains the only legal tender in Ghana. All residents must conduct transactions, including school fees, rent, airline tickets, vehicle sales, real estate, hotel accommodation, retail, online purchases, and domestic contracts, in Ghana Cedis only.
Exceptions
Only expatriates or non-residents, and only when authorized by BoG, may receive foreign currency invoices. Any proceeds must be paid into a Foreign Exchange Account (FEA) with a licensed bank, and exchange rates shown must reflect prevailing commercial bank rates, benchmarked against the BoG’s reference rate.
The BoG emphasized that while foreign exchange is still available for legitimate external payments, such transactions must go through the formal banking system, adhering to regulatory thresholds and banks’ internal processes.
The statement also warned that violators will be liable to face legal sanctions under Act 723, as the central bank is committed to strict enforcement.
The prohibited transactions include, but are not limited to:
- School fees
- Sale and rental of vehicles
- Sale and rental of real estate
- Airline tickets
- Domestic contracts
- Retail shopping
- Online sales
- Hotel accommodation
Businesses owners or entrepreneurs are hereby advised to be cautious of this new development.
