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BoG Cracks Down on Dollar Pricing, Black Market Forex in Ghana

The Bank of Ghana (BoG) has issued a sweeping directive banning the widespread use of foreign currencies, especially the US dollar, in everyday transactions across Ghana, warning that offenders will face stiff sanctions under the Foreign Exchange Act, 2006 (Act 723).

In a strongly worded notice, the central bank reminded the public that the Ghana cedi remains the only legal tender and cautioned both institutions and individuals to immediately cease and desist from engaging in unauthorised forex dealings, popularly known as black market transactions.

The ban covers the pricing, invoicing, advertising, and payment of goods and services in foreign currency within Ghana. Specifically, the BoG flagged sectors where violations are rampant, including:

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  • Payment of school fees
  • Sale and rental of vehicles
  • Real estate sales and rentals
  • Airline ticketing
  • Domestic contracts
  • Retail and online shopping
  • Hotel accommodation

According to the regulator, only foreign nationals and non-residents are permitted to receive invoices in foreign currency, and proceeds from such transactions must be deposited into a Foreign Exchange Account (FEA) with a licensed bank.

The BoG further warned that exchange rates applied in legitimate forex transactions must be benchmarked against its official reference rate and reflect prevailing commercial bank rates, not be arbitrarily determined by businesses or individuals.

While cracking down on illegitimate practices, the central bank clarified that foreign currency transfers for legitimate external payments remain permitted through the banking system, provided they adhere to regulatory thresholds and commercial banks’ internal compliance processes.

Reiterating its zero-tolerance stance, the BoG said it will intensify monitoring and enforcement to ensure compliance with the law. Offenders, it stressed, will face sanctions and legal action.

“The Ghana cedi remains the only legal tender in Ghana. The Bank of Ghana will continue to enforce compliance, and violators will be subject to sanctions and appropriate legal action,” the statement declared.

The move comes amid mounting concerns over the depreciation of the cedi, which analysts partly attribute to heavy reliance on the US dollar in domestic transactions and the persistence of a black market for forex.

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