Bank of Ghana cracks down on black market forex transactions
The Bank of Ghana has issued a stern warning to institutions and individuals engaged in unauthorized foreign exchange activities, stressing that the Ghana Cedi remains the only legal tender for domestic transactions.
In a notice released on Wednesday, August 27, 2025, the central bank reminded the public that unlicensed forex dealings, popularly known as black market transactions, as well as the pricing, quoting, advertising, issuing of receipts, and making or receiving payments in foreign currencies particularly the US dollar are strictly prohibited under the Foreign Exchange Act, 2006 (Act 723).
The directive applies to a wide range of transactions, including school fees, vehicle sales and rentals, real estate sales and rentals, airline tickets, domestic contracts, retail shopping, online sales, and hotel accommodation.
“Institutions (both public and private) and individuals engaging in such practices are hereby directed to immediately cease and desist,” the notice stated.
The Bank clarified that invoices in foreign currency may only be issued to expatriates or non-residents, and proceeds from such transactions must be lodged into a Foreign Exchange Account with a licensed bank. It further stressed that all exchange rates applied on such invoices must reflect prevailing commercial bank rates benchmarked against the central bank’s published reference rate, not arbitrarily determined figures.
While assuring the public that legitimate external payments remain transferable through the banking system subject to regulatory thresholds, the Bank of Ghana emphasized that it would strictly enforce compliance. Offenders, it warned, would face sanctions and legal consequences in line with Act 723.
The notice, signed by Aimee V. Quashie for the Secretary to the Bank of Ghana, underscores the regulator’s determination to clamp down on black market activities that threaten the stability of the cedi and undermine Ghana’s foreign exchange management.