Ghana’s cherished national currency, the cedi, has been under siege as businesses and institutions persist in quoting prices in US dollars, defying the law set forth by the Bank of Ghana (BoG).
From essential expenses like rent and school fees to luxury services such as airline tickets and high-end hotel stays, the infiltration of dollar pricing has sent shockwaves throughout the nation. Ghanaians are feeling the strain of having to navigate the complex currency conversion process to fulfill their financial obligations.
In a bold move to crack down on this unlawful practice, the BoG has unequivocally stated that pricing, advertising, invoicing, or accepting payments in foreign currencies within Ghana is strictly prohibited, unless authorized by the appropriate channels.
A hard-hitting statement released today, Wednesday, 27 August 2025, and signed by Ms. Aimee V. Quashie, acting on behalf of the Bank’s Secretary, has laid down the law for both public and private entities, commanding immediate compliance to cease all unauthorized foreign exchange activities.
This strict enforcement encompasses a wide array of transactions, including school fees, vehicle sales, real estate deals, air travel, retail purchases, and accommodation bookings.
Businesses are only permitted to issue dollar-denominated invoices to expatriates or non-residents, with all proceeds mandatorily funneled into qualified Foreign Exchange Accounts (FEAs) within licensed banks.
The BoG has reassured the public of accessible avenues for legitimate foreign exchange operations, but under the stringent supervision of the banking system to maintain financial stability within the country.
Violators of the directive will face severe consequences, including fines, business closures, and legal repercussions, emphasizing the gravity of playing fast and loose with the law. The BoG’s vigilance in curbing the pervasive influence of dollarization reflects its overarching commitment to safeguarding Ghana’s economy and protecting citizens from detrimental exchange rate fluctuations.
This resolute action leaves no room for ambiguity, signaling a new era of financial compliance in Ghana. Stay tuned as the nation awaits the BoG’s continued diligence in upholding the law against prominent figures engaging in dollar pricing practices.
By Prince Ahenkorah
