The Bank of Ghana has reminded the public that black market forex transactions are illegal. It says pricing, advertising, or paying for goods and services in dollars or other foreign currencies is prohibited. The Ghana cedi remains the only legal tender in the country.
Institutions and individuals must stop quoting or charging fees in foreign currencies. This applies to areas such as school fees, real estate, vehicles, hotels, and online sales. Foreign currency invoices are allowed only for expatriates or non-residents, paid through licensed banks.
Rates must reflect official market values and not be set arbitrarily. The Central Bank warned that violators will face sanctions under the law.
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