Desist from quoting prices, making payments in foreign currencies-BoG to institutions, individuals
By DL News
Published
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In a public notice dated August 27, 2025, the central bank warned that all unauthorized foreign exchange transactions—often conducted on the black market—are prohibited under the Foreign Exchange Act, 2006 (Act 723).
The Bank of Ghana has issued a stern reminder to businesses and individuals that quoting, pricing, or making payments in foreign currencies, especially the US dollar, is illegal unless specifically authorized.
In a public notice dated August 27, 2025, the central bank warned that all unauthorized foreign exchange transactions—often conducted on the black market—are prohibited under the Foreign Exchange Act, 2006 (Act 723).
The directive applies to both public and private institutions as well as individuals, covering transactions ranging from school fees, airline tickets, and hotel accommodation to real estate, car sales, retail shopping, and online purchases.
According to the bank, only expatriates and non-residents may be issued foreign currency invoices, and even then, payments must go through licensed banks into designated Foreign Exchange Accounts.
The notice emphasized that the Ghana cedi remains the only legal tender for domestic transactions.
It further cautioned that exchange rates on foreign currency invoices must reflect prevailing market rates published by the Bank of Ghana, and not arbitrarily set by merchants.
“The Bank of Ghana will continue to enforce compliance, and violators will be subject to sanctions and appropriate legal action,” the notice, signed by Aimee V. Quashie, Secretary to the Bank, warned.
