In a notice dated August 27, 2025, the central bank warned that both individuals and institutions, whether public or private, must immediately cease and desist from conducting business in foreign currency unless duly authorized.
“The Ghana cedi remains the only legal tender in Ghana,” the Bank stated, adding that no resident may price, advertise, invoice, or receive payment in foreign currency without proper authorization. The directive covers a wide range of transactions, including school fees, vehicle and real estate sales or rentals, airline tickets, retail shopping, online sales, and hotel accommodation.
The central bank clarified that foreign currency invoices can only be issued to expatriates or non-residents. Proceeds from such transactions must be paid into a Foreign Exchange Account (FEA) with licensed banks, and exchange rates must reflect prevailing market rates rather than arbitrary charges.
The move comes amid persistent concerns over dollarisation in Ghana’s economy, where some businesses, especially in real estate and education, have continued to quote prices in U.S. dollars despite repeated warnings from regulators. Economists warn that such practices undermine the cedi and fuel exchange rate volatility.
“The Bank of Ghana will continue to enforce compliance, and violators will be subject to sanctions and legal action,” the statement said.
The latest directive underscores the central bank’s effort to stabilize the cedi and strengthen confidence in the local currency as inflationary pressures and foreign exchange demand weigh heavily on the economy.
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