The Bank of Ghana (BoG) has issued a strong warning against unauthorised foreign exchange transactions in the country, cautioning institutions and individuals to desist from such practices or face sanctions.

In a notice dated August 27, 2025 and sighted by GhanaWeb Business, the central bank reminded the public that “unlicensed or unauthorised dealings in forex activities (black market transactions), pricing/quoting, advertising, issuing receipts, receiving and/or making payments for goods and services in foreign currency (particularly the United States Dollars (USD)) in Ghana, are strictly prohibited under the Foreign Exchange Act, 2006 (Act 723).”

The BoG stressed that the Ghana cedi remains the sole legal tender and, unless duly licensed or authorised, no resident of Ghana “shall price, advertise, invoice, receive or make payment in any foreign currency for goods and/or services.”

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It highlighted specific areas of concern including; school fees, the sale and rental of vehicles and real estate, airline tickets, domestic contracts, retail shopping, online sales, and hotel accommodation.

The BoG however clarified that foreign currency invoicing is permitted “only to expatriates (foreign nationals) or non-residents,” with proceeds to be paid into a Foreign Exchange Account (FEA) with a licensed bank.

It added that “exchange rates quoted and applied on invoices must reflect prevailing market rates of commercial banks and be benchmarked against the Bank of Ghana’s published reference rate and not arbitrarily determined.”

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The Central Bank also emphasised that legitimate foreign exchange transfers must be conducted through the banking system and in line with regulatory thresholds and commercial banks’ internal processes.

“The Bank of Ghana will continue to enforce compliance, and violators will be subject to sanctions and appropriate legal action in accordance with Act 723,” the statement concluded.



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