The Bank of Ghana (BoG) has issued a strong warning to individuals and institutions engaged in unauthorised foreign exchange transactions, reiterating that the Ghana Cedi remains the only legal tender for the pricing and settlement of goods and services within the country.
In a public notice signed by Aimee V. Quashie, the central bank reminded the public that unlicensed dealings in foreign exchange, including black market transactions, quoting or advertising in foreign currency, issuing invoices or receipts, as well as receiving or making payments in foreign currency, are strictly prohibited under the Foreign Exchange Act, 2006 (Act 723).
The directive applies to both public and private institutions as well as individuals. The Bank cautioned against the pricing and settlement of transactions such as school fees, the sale and rental of vehicles and real estate, airline tickets, domestic contracts, retail shopping, online sales, and hotel accommodation in foreign currency.
The Bank stressed that only expatriates (foreign nationals) or non-residents may be invoiced in foreign currency, and proceeds from such transactions must be lodged in a Foreign Exchange Account (FEA) with a licensed bank. It further instructed that exchange rates applied on invoices must reflect prevailing market rates of commercial banks and be benchmarked against the Bank of Ghana’s published reference rate, not arbitrarily set by service providers.
“Foreign exchange remains transferable through the banking system for legitimate external payments, subject to regulatory thresholds and internal processes of commercial banks.”
The BoG has assured that it will continue to enforce strict compliance and warned that violators of the Act will face sanctions and appropriate legal action.
By: Daniel Orlando/newsalertgh.com
