The Bank of Ghana has issued a reminder to the public and financial institutions that unlicensed foreign exchange transactions and the use of foreign currencies in local payments remain strictly prohibited under the Foreign Exchange Act, 2006 (Act 723).
In a notice dated 27th August 2025, the central bank stressed that “unlicensed or unauthorised dealings in forex activities (black market transactions), pricing/quoting, advertising, issuing receipts, and 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 directive applies to both public and private institutions as well as individuals, warning them to “immediately cease and desist” from such practices.
The Bank reaffirmed that the Ghana Cedi remains the country’s sole legal tender. “Accordingly, no resident of Ghana, unless duly licensed or authorised by the Bank of Ghana, shall price, advertise, invoice, receive or make payment in any foreign currency for goods and/or services,” the notice stated. It listed school fees, vehicle sales and rentals, real estate transactions, airline tickets, domestic contracts, retail shopping, online sales, and hotel accommodation among activities where foreign currency pricing is banned.
However, foreign currency invoicing is permitted in limited circumstances. “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,” the Bank explained.
The regulator further noted that exchange rates must “reflect prevailing market rates of commercial banks and be benchmarked against the Bank of Ghana’s published reference rate and not arbitrarily determined.”
The notice assured that legitimate external payments remain accessible. “Foreign exchange remains transferable through the banking system for legitimate external payments, subject to applicable regulatory thresholds and commercial banks’ internal processes,” the Bank said.
The central bank warned that it will intensify enforcement of the law, cautioning that “violators will be subject to sanctions and appropriate legal action in accordance with Act 723.”
