The Bank of Ghana (BoG) has cautioned the public and financial institutions against engaging in unauthorized foreign exchange transactions.
BoG warn that such practices are strictly prohibited under the Foreign Exchange Act, 2006 (Act 723).
In a statement issued on Wednesday, August 27, 2025, the central bank reminded the public that;
“..Unlicensed or unauthorized dealings in forex activities (black market transactions), pricing/quoting, advertising, issuing receipts, receiving and/or making payments for goods and services in foreign currency (particularly the United States Dollars (USD)) in Ghana, are strictly prohibited under the Foreign Exchange Act, 2006 (Act 723).”
The Bank stressed that the Ghana Cedi remains the only legal tender in Ghana, therefore, no resident of Ghana, unless duly licensed or authorized by the Bank of Ghana, is permitted to quote, invoice, advertise, or make payments in foreign currency for goods and services.
These 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 and hotel accommodation.
The Bank further explained that foreign currency invoices may be issued only to expatriates (foreign nationals) or non-residents and proceeds from such transactions shall be paid into a Foreign Exchange Account (FEA) with any licensed bank.
It added that “exchange rates quoted and applied on invoices must reflect prevailing market rates of commercial banks and the benchmark rates issued by the Bank of Ghana, not arbitrarily determined.”
The central bank emphasized that “foreign exchange remains transferable through the banking system for legitimate external payments, subject to applicable regulatory thresholds and commercial banks’ internal processes.”
The statement, signed by Aimee V. Quashie reiterated Bank of Ghana’s commitment to enforce compliance, and violators will be subject to sanctions and appropriate legal action in accordance with Act 723.
