The Bank of Ghana has reminded the public that any unlicensed or unauthorized dealings in forex activities (black market transactions are strictly prohibited under the Foreign Exchange Act,2006 (Act 723).
These unlicensed use of foreign currency may include; pricing/quoting, advertising, issuing receipts, receiving and/ or making payments for goods and services in foreign currency (particularly the United States Dollars (USD) in Ghana.
In a statement issued on August 27, 2025 by the Central Bank ordered institutions (both public and private) and individuals engaging in such practices to immediately cease and desist.
The BoG said the Ghana Cedi remains the only legal tender in Ghana.
It cautioned against unauthorized pricing, advertise, invoice, receive or make payment in any foreign currency for goods and/or services including but not limited to: school fees, sale and rental of vehicles, sale and rental of real estate, airline tickets, domestic contracts, retail shopping, online sales and hotel accommodation etc.
The BoG said foreign currency invoices may be issued only to expatriates (foreign nationals) or non-residents and proceeds from such transactions shall be paid into a Foreign Exchange Account (FEA) with any licensed bank.
