Bank of Ghana Warns Against Unauthorized Foreign Exchange Transactions
The Bank of Ghana (BoG) has issued a stern reminder that unlicensed or unauthorized foreign exchange activities—including black market dealings, pricing, advertising, invoicing, issuing receipts, and making or receiving payments in foreign currencies such as the US dollar—are strictly prohibited 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 of Ghana, the Central Bank directed public and private institutions, as well as individuals involved in such practices, to cease and desist immediately.
The BoG emphasized that the Ghana Cedi remains the country’s only legal tender. As such, no resident of Ghana, unless licensed or authorized by the Bank, may price, advertise, invoice, or receive payment in foreign currency for goods and services.
Prohibited transactions include, but are not limited to:
- School fees
- Sale and rental of vehicles
- Sale and rental of real estate
- Airline tickets
- Domestic contracts
- Retail shopping
- Online sales
- Hotel accommodation
The Bank clarified that foreign currency invoices may only be issued to expatriates or non-residents, with proceeds required to be deposited into a Foreign Exchange Account (FEA) with a licensed bank. Exchange rates quoted must reflect prevailing commercial bank rates, benchmarked against the BoG’s published reference rate, rather than being arbitrarily determined.
The BoG reassured the public that foreign exchange remains transferable through the formal banking system for legitimate external payments, subject to regulatory thresholds and commercial banks’ internal processes.
The Bank reiterated its commitment to enforcing compliance and warned that violators will face sanctions and legal action under Act 723.
Please download our HOTDIGITAL ONLINE APP and follow HotDigital Online on our social media platforms to stay updated on our upcoming initiatives.
#HotDigitalHealthAwareness #CommunityHealth #GhanaNursesAssociationUK #HealthMatters #HotDigitalOnline #StrongerTogether
