Accra: The Bank of Ghana (BoG) has issued a reminder to the public and financial institutions that the issuance of foreign currency invoices is strictly permitted only for expatriates and non-residents. The bank emphasized that all proceeds from such transactions are required to be paid into a designated Foreign Exchange Account (FEA).
According to Ghana News Agency, this directive is part of a notice released by the Central Bank, which reiterates the prohibition of unauthorized foreign exchange dealings, often referred to as 'black market' transactions. The Central Bank emphasized that the Ghana Cedi remains the sole legal tender for all domestic transactions. "It is therefore illegal for any resident individual or institution, unless specifically licensed by the BoG, to price, advertise, or accept payment in foreign currency for goods and services," the notice stated.
The notice specifically listed prohibited areas, including the payment of school fees, sale and rental of vehicles and real estate, airline tickets, domestic contracts, retail shopping, online sales, and hotel accommodation. However, the BoG provided a key exemption to this rule, allowing foreign currency invoices to be issued only to expatriates (foreign nationals) or non-residents.
The Bank made clear that this exemption comes with a strict condition: the funds received from these transactions must be paid into a Foreign Exchange Account (FEA) with any licensed bank. Additionally, the exchange rates used on these invoices must not be arbitrary. "They must reflect prevailing market rates of commercial banks and be benchmarked against the Bank of Ghana's published reference rate," the bank stated.
The BoG stated this measure was designed to ensure transparency and prevent the manipulation of exchange rates in transactions involving foreign nationals. Furthermore, the BoG clarified that legitimate foreign exchange transfers for external payments remain unimpeded and must be channeled through the banking system, subject to standard regulatory thresholds.
