As of Wednesday, August 27, 2025, the Bank of Ghana (BoG) has formally directed that dollar or other foreign-currency pricing for school fees, rent, airline tickets, and similar local transactions is not permitted, unless authorised by the Bank. All such practices are strictly illegal under the Foreign Exchange Act, 2006 (Act 723).
All businesses and institutions—even individuals—must quote prices, advertise, invoice, and receive payments exclusively in Ghanaian Cedi for local transactions.
What’s Banned Unless Licensed by BoG:
School fees
Sale or rental of vehicles and real estate
Airline ticketing
Domestic contracts
Retail and online purchases
Hotel accommodations
Any other goods or services transacted locally
However, only expatriates or non-residents are allowed to submit foreign currency invoices. Even in that case, the exchange rate quoted must match the published reference rate of the BoG, which reflects current commercial bank market rates rather than arbitrary numbers, and all revenues must be deposited into a Foreign Exchange Account (FEA) at a licensed bank.
Legal repercussions, such as prosecution, fines, or other penalties under Act 723, may result from breaking these restrictions.
This crackdown is a component of the BoG’s larger initiatives to formalize the foreign exchange market, stop speculative activity, and safeguard the stability of the Ghana Cedi.
Many organizations, including some government bodies, used to charge fees in dollars, which were then converted to cedi using exaggerated exchange rates. The new directive seeks to improve monetary discipline and remove this uncertainty.
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