The Bank of Ghana (BoG) has reminded the public that unlicensed foreign exchange transactions, including black market activities, are strictly prohibited under the Foreign Exchange Act, 2006 (Act 723).
In a statement issued by Ms. Aimee V. Quashie on behalf of the Bank’s Secretary, the BoG directed all public and private institutions, as well as individuals, to immediately stop pricing, advertising, and receiving payments in foreign currencies like the US dollar for goods and services.
The central bank emphasised that the Ghana Cedi is the only legal tender in the country, and this prohibition extends to a wide range of transactions, including school fees, vehicle and real estate sales or rentals, airline tickets and hotel accommodations, domestic contracts, retail sales, and online sales.
The statement clarified that foreign currency invoices can only be issued to expatriates or non-residents, and the proceeds must be paid into a Foreign Exchange Account with a licensed bank.
Additionally, exchange rates on these invoices must align with prevailing market rates and the BoG’s published reference rate, not be set arbitrarily.
The BoG assured the public that foreign exchange is still transferable through the formal banking system for legitimate external payments.
However, the bank warned that violators will face sanctions and legal action in accordance with Act 723.
