BoG confirms cedi as only currency for transactions, bans dollar pricing
The Bank of Ghana (BoG) has reiterated that the Ghana cedi remains the sole legal tender in the country and has warned institutions and individuals against the use of foreign currencies, particularly the United States dollar, in pricing and payments for goods and services.
In a statement dated Wednesday, 27 August 2025, signed by Aimee V. Quashie on behalf of the Secretary of the Bank, the Central Bank described all unlicensed or unauthorised foreign exchange dealings, including black market transactions, pricing, quoting, advertising, issuing receipts, and receiving payments in dollars or any other foreign currency, as illegal under the Foreign Exchange Act, 2006 (Act 723).
The Bank directed both public and private entities to immediately cease such practices, stressing that only persons or institutions duly licensed or authorised by the BoG can transact in foreign currency.
Among the prohibited transactions are the payment of school fees, sale and rental of vehicles, sale and rental of real estate, airline tickets, domestic contracts, retail shopping, online sales and hotel accommodation.
According to the statement, exceptions apply only to expatriates and non-residents, who may be issued foreign currency invoices, provided the proceeds are paid into a Foreign Exchange Account with a licensed bank.
Furthermore, all quoted rates must reflect prevailing commercial bank exchange rates and be benchmarked against the BoG’s published reference rate, not arbitrarily determined.
The Bank reassured the public that foreign currency remains transferable through Ghana’s formal banking system for legitimate external transactions, subject to regulatory thresholds and commercial bank procedures.
Reiterating its commitment to enforce the law, the BoG cautioned that any individuals or entities found engaging in illegal foreign exchange practices would face sanctions and legal action as prescribed under Act 723.
