The Bank of Ghana (BoG) has cautioned the public against engaging in unlicensed foreign exchange activities, stressing that such practices—including black market dealings, pricing, quoting, advertising, invoicing, or making and receiving payments in foreign currencies—are strictly prohibited 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 Bank, the Central Bank directed both individuals and institutions to cease such practices immediately.

The Bank reiterated that the Ghana Cedi remains the sole legal tender in the country, and no resident may price, advertise, invoice, or accept payment in foreign currency unless duly licensed or authorised by the BoG.

The restrictions cover transactions including:

Payment of school fees

Sale and rental of vehicles

Sale and rental of real estate

Airline tickets

Domestic contracts

Retail shopping

Online sales

Hotel accommodation

The BoG clarified that foreign currency invoices may be issued only to expatriates or non-residents, with all proceeds required to be paid into a Foreign Exchange Account (FEA) with a licensed bank.

Quoted exchange rates, it added, must align with commercial banks’ prevailing market rates and be benchmarked against the BoG’s published reference rate.

The statement further assured the public that legitimate external payments remain transferable through the formal banking system, subject to regulatory thresholds and commercial bank processes.

The Central Bank underscored its commitment to strict enforcement of the law, warning that violators will face sanctions and possible legal action in line with Act 723.