An worker holds U.S. greenback financial institution notes at a cash changer in Jakarta, Indonesia, April 9, 2025. REUTERS/Willy Kurniawan/File Photograph Buy Licensing Rights
The Financial institution of Ghana (BoG) has reaffirmed that it’s unlawful for companies and people to cost, promote, or demand fee in foreign exchange such because the US greenback for items and companies in Ghana.
In a press release dated Wednesday, 27 August 2025, and signed by Ms. Aimee V. Quashie on behalf of the Secretary of the Financial institution, the BoG directed all private and non-private establishments, in addition to people, to instantly stop unlicensed or unauthorised overseas alternate transactions.
These embody black market dealings, pricing, quoting, promoting, issuing receipts, and receiving funds in overseas foreign money.
The Central Financial institution emphasised that the Ghana Cedi stays the only authorized tender within the nation. Besides the place duly licensed or authorised, no resident of Ghana is permitted to bill or transact in overseas foreign money.
The prohibited practices cowl a variety of actions, together with the fee of faculty charges, sale and rental of automobiles and actual property, airline ticketing, home contracts, retail transactions, on-line gross sales, and lodge lodging.
Based on the directive, overseas foreign money invoices might solely be issued to expatriates or non-residents, with proceeds paid right into a International Change Account (FEA) at a licensed financial institution. Change charges quoted on such invoices should mirror prevailing market charges of business banks and align with the BoG’s revealed reference price.
The BoG assured the general public that professional overseas alternate transactions for exterior funds stay obtainable by way of the formal banking system, topic to regulatory thresholds and business banks’ inside procedures.
Reiterating its dedication to imposing compliance, the Financial institution warned that violations of the International Change Act, 2006 (Act 723) will appeal to sanctions and authorized motion.
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