Use only the cedi for local transactions — BoG cautions against black market, dollar pricing

The Bank of Ghana (BoG) has cautioned institutions and individuals against black market foreign exchange dealings and the unauthorised pricing of goods and services in US dollars and other foreign currencies.

In a notice issued on Wednesday, August 27, the Central Bank reminded the public that such practices are in violation of the Foreign Exchange Act, 2006 (Act 723).

It stressed that the Ghana Cedi remains the sole legal tender in the country and must be used for all domestic transactions.

The directive specifically prohibits the quoting, advertising, issuing of receipts, and making or receiving payments in foreign currency for school fees, real estate transactions, vehicle sales, domestic contracts, airline tickets, online sales, hotel accommodation, and retail shopping, unless authorised by the BoG.

“The Bank of Ghana reminds the public that unlicensed or unauthorized 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 notice read in part.

The BoG further explained that even though invoices may be issued in foreign currency for expatriates or non-residents, all proceeds from such transactions must be lodged into a Foreign Exchange Account with a licensed bank.

It also directed that exchange rates applied must reflect prevailing market rates of commercial banks and benchmark the BoG’s reference rate.

“Institution (both public and private) and individuals engaging in such practices are hereby directed to immediately cease and desist. 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 Bank cautioned.

The Central Bank has also amended its guidelines on the importation and exportation of foreign currency as part of anti-money laundering measures.

Effective September 1, 2025, travellers can carry up to $10,000 without declaration, but those with amounts above the threshold must declare and provide supporting documentation, noting that failure to comply may result in seizure, fines or prosecution.