BoG bans dollar pricing for local transactions
The Bank of Ghana (BoG) has reminded the public that it is illegal to trade foreign currency on the black market or use currencies like the US dollar for local transactions under the Foreign Exchange Act, 2006 (Act 723).
In a statement dated Wednesday, August 27, 2025, and signed by Ms. Aimee V. Quashie on behalf of the Secretary of the Bank, the Central Bank directed all individuals, businesses, and institutions, both public and private, engaging in such activities to stop immediately.
The Bank emphasised that the Ghana Cedi is the only legal tender in the country.
As such, no resident in Ghana is allowed to price, advertise, issue receipts, or accept payments in foreign currencies for goods and services unless they have been officially licensed or authorised by the BoG.
This includes transactions related to school fees, travel packages, vehicle sales and rentals, real estate deals, airline tickets, domestic service contracts, retail purchases, online sales, and hotel bookings.
The BoG stressed that these must be conducted in Ghana Cedis unless the customer is a foreign national or non-resident.
In such exceptional cases, invoices may be issued in foreign currency, but payments must be made into a Foreign Exchange Account (FEA) held at a licensed bank.
Additionally, any foreign exchange rate used must align with prevailing commercial bank rates and reflect the BoG’s official reference rate, not arbitrary or inflated figures.
The Bank also assured the public that foreign exchange for legitimate international payments is still accessible through licensed banks, subject to regulatory guidelines and bank-specific procedures.
The BoG warned that anyone found violating the Foreign Exchange Act will face sanctions and possible legal action.