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The Bank of Ghana (BoG) has reminded the public that pricing and payments in foreign currencies, including the US dollar, are illegal unless authorized under the Foreign Exchange Act, 2006 (Act 723).
In a statement issued on Wednesday, August 27, 2025, and signed by Ms. Aimee V. Quashie on behalf of the Secretary of the Central Bank, the BoG directed institutions and individuals engaged in such practices to cease immediately.
The Bank stressed that the Ghana Cedi remains the sole legal tender in the country, warning that no resident is permitted to price, advertise, or receive payments in foreign currency without prior authorization.
The directive covers transactions such as:
School fees
Sale and rental of vehicles and real estate
Airline tickets
Hotel accommodation
Retail shopping and online sales
Domestic contracts
The statement clarified that foreign currency invoices may only be issued to expatriates or non-residents, with payments required to be made into a Foreign Exchange Account with a licensed bank. Exchange rates on such invoices must also reflect prevailing commercial bank rates, benchmarked against the BoG’s published reference rate.
The BoG reassured the public that legitimate foreign transfers remain available through the formal banking system but warned that violators of Act 723 will face sanctions and possible prosecution.
