Stop Pricing School Fees, Airline Tickets, Others In Dollars- BoG

The Bank of Ghana (BoG) has warned businesses to desist from pricing fees in foreign currencies, particularly in US dollars.

In a statement, it noted that the Ghana Cedi is the only legal tender in Ghana.

“Accordingly, no resident of Ghana, unless duly licensed or authorised by the Bank of Ghana, shall price, advertise, invoice, receive or make payment in any foreign currency for goods and/or services,” it said in a statement.

It was particular about the pricing of school fees, sale and rental of vehicles, sale and rental of real estate, airline tickets, domestic contracts, retail shopping, online sales, hotel accommodation and others.

It noted that foreign currency invoices may be issued only to foreign nationals or non-residents, and proceeds from such transactions shall be paid into a Foreign Exchange Account (FEA) with any licensed bank.

In such instances, it said exchange rates quoted and applied on invoices must reflect prevailing market rates of commercial banks and be benchmarked against the Bank of Ghana’s published reference rate and not arbitrarily determined.

It added that foreign exchange remains transferable through the banking system for legitimate external payments, subject to applicable regulatory thresholds and commercial banks’ internal processes.

“The Bank of Ghana will continue to enforce compliance, and violators will be subject to sanctions and appropriate legal action in accordance with Act 723.”

Story by Hajara Fuseini

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