The Bank of Ghana (BoG) has cautioned the public and businesses against unauthorised foreign exchange transactions, particularly the use of United States dollars (USD) and other foreign currencies for domestic payments.

In a communiqué issued on Wednesday, August 27, the central bank reiterated that pricing, advertising, issuing receipts, or making payments in foreign currency without proper authorisation is a breach of the Foreign Exchange Act, 2006 (Act 723). The directive applies to both public and private institutions, as well as individuals engaged in such practices.

The BoG reaffirmed that the Ghana cedi remains the country’s only legal tender and warned that no resident—unless duly licensed or authorised—should price, invoice, or receive payment in foreign currency for goods and services. The prohibited activities cover a wide range of sectors, including:

• Payment of school fees

• Sale and rental of vehicles

• Sale and rental of real estate

• Purchase of airline tickets

• Domestic contracts

• Retail and online shopping

• Hotel accommodation

• Embedded content from: www.facebook.com

The central bank clarified that foreign currency invoicing is permitted only for expatriates and non-residents, with proceeds required to be deposited into Foreign Exchange Accounts (FEAs) at licensed banks.

It further directed that all such invoices must reflect commercial bank exchange rates benchmarked against the Bank of Ghana’s published reference rate, not arbitrarily determined rates.

The BoG assured the public that legitimate foreign exchange transfers for external payments will continue to be facilitated through the banking system, in compliance with existing regulations and thresholds.