The Bank of Ghana (BoG) has announced a ban on all unauthorized foreign exchange transactions, warning the public against engaging in black market dealings or conducting business in foreign currencies without approval.
In a statement signed by Ms. Aimee V. Quashie on behalf of the Bank’s Secretary, the central bank directed institutions, businesses, and individuals to immediately desist from pricing, quoting, invoicing, or accepting payments in currencies such as the US dollar, stressing that the Ghana Cedi remains the sole legal tender.
The BoG listed prohibited activities to include payment of school fees, vehicle and real estate transactions, airline tickets, domestic contracts, retail shopping, online sales, and hotel accommodation in foreign currency.
The Bank clarified that foreign currency invoicing is permitted only for expatriates, with proceeds deposited into a Foreign Exchange Account (FEA) at licensed banks. In such cases, exchange rates must reflect prevailing commercial bank rates and align with BoG’s published reference rate.
While assuring the public that legitimate external payments can still be processed through the formal banking system under set regulations, the BoG warned that violators of the Foreign Exchange Act, 2006 (Act 723), will face sanctions and legal consequences.
The central bank reaffirmed its commitment to strict enforcement as part of measures to safeguard the integrity of Ghana’s currency and financial system.
