No more dollar pricing for school fees, rent, airline tickets – Bank of Ghana
The Bank of Ghana (BoG) has reminded the public that unlicensed or unauthorized foreign exchange transactions—including black market dealings, pricing, quoting, advertising, 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 signed by Ms. Aimee V. Quashie on behalf of the Secretary of the Bank of Ghana, dated Wednesday, August 27, 2025, the Central Bank directed both public and private institutions, as well as individuals engaged in such practices, to cease and desist immediately.
The Bank emphasized that the Ghana Cedi remains the only legal tender in Ghana. Accordingly, no resident of Ghana, unless duly licensed or authorised by the Bank of Ghana, is permitted to price, advertise, invoice, or receive payment in foreign currency for goods and services.
The 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 statement clarified that foreign currency invoices may only be issued to expatriates (foreign nationals) or non-residents, with proceeds required to be paid into a Foreign Exchange Account (FEA) with a licensed bank.
In addition, exchange rates quoted on such invoices must reflect prevailing market rates of commercial banks and be benchmarked against the BoG’s published reference rate, rather than being arbitrarily determined.
The Bank further assured the public that foreign exchange remains transferable through the formal banking system for legitimate external payments, subject to applicable regulatory thresholds and commercial banks’ internal processes.
The BoG reiterated its commitment to enforcing compliance, warning that violators will face sanctions and legal action in accordance with Act 723.
