Ms. Aimee V. Quashie, speaking on behalf of the Secretary of the Bank of Ghana, has issued a strong reminder to the public that all unlicensed foreign exchange transactions are strictly prohibited under the Foreign Exchange Act, 2006 (Act 723).
In a statement dated Wednesday, August 27, 2025, the Bank directed individuals, businesses, and institutions engaged in unauthorized dealings—whether pricing, advertising, issuing receipts, or making and receiving payments in foreign currencies like the US dollar—to cease immediately.
The Bank stressed that the Ghana Cedi remains the country’s only legal tender, and no resident is allowed to quote, invoice, or transact in foreign currency unless formally licensed or authorized.
The notice also clarified that while foreign nationals or non-residents may be issued foreign currency invoices, all proceeds must be deposited into a Foreign Exchange Account with a licensed bank.
Any exchange rates quoted on such invoices must align with prevailing commercial bank rates and the Bank of Ghana’s published reference rates, rather than being arbitrarily determined.
This directive is part of BoG’s ongoing effort to curb black market forex practices and ensure compliance with national monetary laws, protecting both businesses and consumers from unregulated foreign exchange risks.
