BoG outlaws dollar-denominated quotes for fees, rent and tickets

The Bank of Ghana (BoG) in a decisive communique issued on Wednesday has ordered an immediate cessation of unauthorised foreign-currency pricing and transactions across a broad spectrum of domestic commerce.

Signed by Ms. Aimee V. Quashie on behalf of the Secretary of the Central Bank, the directive reiterates that the Ghana cedi is the sole legal tender in Ghana and that any pricing, advertising, invoicing, receipt issuance or payment in foreign currency—absent an explicit licence from the BoG—is proscribed by the Foreign Exchange Act, 2006 (Act 723).

The prohibition is expansive. Institutions and individuals are expressly enjoined from denominating or collecting payments in foreign currency for items and services that include, but are not limited to, school fees; vehicle sales and rentals; real estate transactions and leases; airline tickets; domestic contracts; retail purchases; online sales; and hotel accommodation.

The Bank clarified a limited exception: foreign-currency invoices may be generated only for expatriates or non-residents, and proceeds from such transactions must be remitted into a Foreign Exchange Account (FEA) held with a licensed bank. Furthermore, any exchange rates printed on these invoices are required to mirror prevailing commercial bank rates and to be anchored to the BoG’s published reference rate, rather than arbitrarily set by vendors.

The Central Bank also underscored that legitimate external payments and transfers in foreign currency remain feasible through the formal banking system, subject to extant regulatory thresholds and individual commercial banks’ internal procedures.

In closing, the BoG warned that it will vigorously enforce compliance with Act 723 and pursue sanctions or legal action against contravening parties. The message to both public and private sector actors, as well as to individuals, was unambiguous: desist immediately or face statutory consequences.