No more dollar pricing for school fees, rent, airline tickets – BoG

The Bank of Ghana (BoG) has warned individuals, businesses, and institutions to stop quoting, pricing, or taking payments in foreign currencies for local goods and services without approval from the central bank.

In a statement dated August 27, 2025, and signed by Aimee V. Quashie on behalf of the Secretary, the BoG said such practices go against the Foreign Exchange Act, 2006 (Act 723) and warned that anyone found guilty will face sanctions.

The central bank stressed that the Ghana Cedi remains the only legal currency for all local transactions. It said no person or business is allowed to advertise, issue invoices, or request payments in foreign currencies unless officially licensed or given permission by the bank.

The directive affects several areas, including the payment of school fees, the sale and rental of vehicles and houses, airline ticketing, domestic contracts, retail shopping, online sales, and hotel accommodation.

The BoG explained that foreign currency invoicing is allowed only for expatriates and non-residents, and all payments from such transactions must be deposited into a Foreign Exchange Account (FEA) with a licensed bank. It added that exchange rates used on invoices must follow market rates set by commercial banks and be guided by the BoG’s published reference rate.

The bank also reminded the public that all legal foreign exchange transactions must go through the banking system and meet the required regulatory guidelines.

The BoG said it will step up checks on illegal foreign currency practices and take action against offenders. It also encouraged the public to report anyone who charges or demands payment in dollars or other foreign currencies without approval.

The Bank of Ghana has also issued fresh directives on the importation and exportation of foreign currency as part of enhanced measures to combat money laundering and protect the country’s financial system.

The central bank outlined new limits, declaration requirements, and penalties for travellers and importers handling foreign currency and monetary instruments. The new guidelines take effect from September 1, 2025.

Under the revised rules, travellers entering or leaving Ghana by air, sea, or land may carry up to US$10,000—or its equivalent in other currencies—without declaring it to customs. However, amounts exceeding this threshold must be declared in full using the official Foreign Currency Declaration Form (FX-5) issued by the Customs Division of the Ghana Revenue Authority.

Inbound travellers carrying more than US$10,000 must also present proof of declaration at their port of origin, while outbound travellers carrying amounts above US$50,000 are required to attach supporting documents, including endorsed foreign exchange bureau receipts and endorsed bank slips showing the purchase or withdrawal of foreign currency. Importers are further expected to provide a valid Import Declaration Form, a commercial invoice, and where necessary, a contract to support their transactions.