The Bank of Ghana has issued a new warning to businesses and individuals who continue to trade in foreign currency outside official channels. The Central Bank says activities such as quoting prices in dollars, paying for goods and services in foreign currencies, or advertising in foreign exchange are against the law and will attract sanctions.
In a notice released on Wednesday, August 27, 2025, and signed by Ms. Aimee V. Quashie on behalf of the Secretary, the Bank reminded the public that the Ghana Cedi remains the country’s only legal currency. Anyone who wishes to transact in foreign exchange must first obtain proper authorization from the Bank of Ghana.
The directive highlighted common violations, including the payment of school fees, property rentals, car sales, hotel bookings, airline tickets, and online shopping in foreign currency. It explained that only expatriates and non-residents may receive invoices in foreign currency, and even then, payments must pass through licensed banks into designated Foreign Exchange Accounts.
The Bank further stressed that exchange rates must be tied to official market rates set by commercial banks and guided by its published reference rate, not arbitrarily fixed by sellers. It assured the public that legitimate international transfers remain available through the formal banking system, provided regulatory requirements are met.
Finally, the statement cautioned that anyone found violating the Foreign Exchange Act, 2006 (Act 723), will face strict penalties, including legal action. With this notice, the Bank underscored that the Ghana Cedi is the sole legal tender for everyday transactions and warned that black-market currency trading will no longer be tolerated.
