BoG cracks down on dollar pricing for school fees, rent, airline tickets, and other services

The Bank of Ghana (BoG) has reaffirmed that it is illegal for businesses and individuals to price, advertise, or demand payment in foreign currencies such as the US dollar for goods and services in Ghana.

In a statement dated Wednesday, 27 August 2025, and signed by Ms. Aimee V. Quashie on behalf of the Secretary of the Bank, the BoG directed all public and private institutions, as well as individuals, to immediately cease unlicensed or unauthorised foreign exchange transactions.

These include black market dealings, pricing, quoting, advertising, issuing receipts, and receiving payments in foreign currency.

The Central Bank emphasised that the Ghana Cedi remains the sole legal tender in the country. Except where duly licensed or authorised, no resident of Ghana is permitted to invoice or transact in foreign currency.

The prohibited practices cover a wide range of activities, including the payment of school fees, sale and rental of vehicles and real estate, airline ticketing, domestic contracts, retail transactions, online sales, and hotel accommodation.

According to the directive, foreign currency invoices may only be issued to expatriates or non-residents, with proceeds paid into a Foreign Exchange Account (FEA) at a licensed bank. Exchange rates quoted on such invoices must reflect prevailing market rates of commercial banks and align with the BoG’s published reference rate.

The BoG assured the public that legitimate foreign exchange transactions for external payments remain available through the formal banking system, subject to regulatory thresholds and commercial banks’ internal procedures.

Reiterating its commitment to enforcing compliance, the Bank warned that violations of the Foreign Exchange Act, 2006 (Act 723) will attract sanctions and legal action.

Read More