Bank of Ghana Toughens Forex Rules: Cedi Remains Sole Legal Tender

By: María Fernández Published On: 27/08/2025

Finance Finance Finance Finance Finance

Accra, Ghana – The Bank of Ghana (BoG) has issued a strong warning regarding foreign exchange (forex) activities, reminding the public that the Ghanaian Cedi is the only legal tender for transactions within the country. This move comes as the BoG seeks to enforce existing regulations and curb illegal forex dealings.

In a recent statement, the central bank emphasized the prohibition of conducting forex business without the requisite license. This includes both physical forex bureaus and online platforms. The BoG urged the public to be vigilant and report any suspected illegal forex operations to the authorities.

Furthermore, the Bank of Ghana has updated its guidelines for travelers carrying foreign currency. While the specifics of these changes weren't detailed in the initial report, it's crucial for individuals planning to travel to or from Ghana to familiarize themselves with the updated regulations to avoid potential penalties or complications.

Key Takeaways from the BoG's Announcement:

Strict enforcement of forex regulations
Cedi remains the sole legal tender in Ghana
Prohibition of unlicensed forex transactions
Updated guidelines for travelers carrying foreign currency (details to follow)

The Bank of Ghana's renewed focus on enforcing forex laws is likely aimed at stabilizing the Cedi and ensuring fair practices within the financial sector. More details on the updated traveler guidelines are expected to be released soon. Citizens are encouraged to stay informed and adhere to the regulations to avoid any legal issues.

Impact on Businesses and Individuals

This announcement has significant implications for businesses engaged in international trade and individuals who frequently travel abroad. Companies need to ensure they are complying with all forex regulations, and travelers must be aware of the limits on foreign currency they can carry. The BoG's actions underscore the importance of transparency and adherence to the law in all financial transactions.