The Bank of Ghana has issued a stern reminder to the public that the Ghana Cedi remains the only legal tender in the country, warning against unauthorized use of foreign currencies for local transactions.
According to a notice dated August 27, 2025, the central bank stated that quoting, pricing, invoicing, or making payments in foreign currency for goods and services within Ghana is strictly prohibited unless duly licensed or authorized.
Activities such as payment of school fees, vehicle and real estate transactions, airline tickets, domestic contracts, retail shopping, online sales, and hotel accommodation are among those listed as requiring settlement strictly in Ghana Cedis.
The directive, however, makes an exception for expatriates and non-residents, who are permitted to transact in foreign currencies through licensed banks.
Proceeds from such transactions must be paid into a Foreign Exchange Account (FEA), with exchange rates reflecting prevailing market conditions and benchmarked against the Bank of Ghana’s reference rate.
The Bank emphasized that foreign exchange transfers for legitimate external payments must be conducted through the banking system and within regulatory thresholds. It also warned that violators of the directive will face sanctions and appropriate legal action.
Signed by Aimee V. Quashie, Secretary to the Bank, the notice underscores the Bank’s resolve to enforce compliance and stabilize Ghana’s foreign exchange market.
