BoG Warns: Pricing and Advertising in Dollars Illegal Under Ghanaian Law

By Joylinda Laryea / 27 August, 2025

The Bank of Ghana (BoG) has issued a strong warning to individuals, businesses, and institutions both public and private against the illegal practice of pricing, advertising, invoicing, or transacting in foreign currencies, particularly the U.S. dollar.

In a statement released this week, the Central Bank reiterated that the Ghana Cedi remains the only legal tender in the country, and any transactions in foreign currencies without proper authorization violate the Foreign Exchange Act, 2006 (Act 723).

The BoG emphasized that no resident of Ghana is permitted to price or receive payment in foreign currency for goods and services unless duly licensed or authorized by the Bank. Prohibited activities include quoting prices for school fees, rent or sale of vehicles and property, airline tickets, hotel accommodations, online sales, and local contracts in foreign currency.

“Foreign currency invoices may only be issued to expatriates or non-residents, and proceeds from such transactions must be paid into a Foreign Exchange Account (FEA) with any licensed bank,” the statement noted. It also warned that any foreign exchange rates applied must reflect prevailing market rates and be benchmarked against the BoG’s published reference rate—not arbitrarily set.

The BoG further reminded the public that black market forex trading and unlicensed foreign exchange operations are illegal, and it will not hesitate to enforce compliance. Violators will face sanctions and legal action in line with the provisions of Act 723.

The Bank concluded by affirming its commitment to maintaining the integrity of Ghana’s monetary system and urged all residents and businesses to adhere strictly to the law.