The Bank of Ghana (BoG) has warned institutions and individuals against pricing, quoting, invoicing, or receiving payments in foreign currencies for goods and services, stressing that such practices are illegal under the Foreign Exchange Act, 2006 (Act 723).
In a statement signed by Ms. Aimee V. Quashie on behalf of the Secretary of the Bank on Wednesday, August 27, 2025, the Central Bank directed all public and private entities engaged in such activities to cease immediately.
BoG reminded the public that the Ghana Cedi remains the sole legal tender in the country. As such, school fees, vehicle sales and rentals, real estate transactions, airline tickets, domestic contracts, retail shopping, online sales, and hotel accommodation cannot be quoted or paid for in foreign currency unless authorised by the Bank.
The directive allows foreign currency invoicing only for expatriates and non-residents, with proceeds required to be lodged in Foreign Exchange Accounts with licensed banks. Such invoices, the Bank said, must also reflect prevailing market rates of commercial banks, benchmarked against its published reference rate.
BoG assured that legitimate foreign exchange transfers for external payments remain accessible through the banking system, subject to regulatory requirements.
It further warned that defaulters will face sanctions and legal action as provided under Act 723.
