Invoicing in Dollars or Euros in Ghana: Bank of Ghana Rules

In short

The cedi is the sole legal tender for domestic transactions; a Bank of Ghana notice of late August 2025 allows foreign currency invoices only for expatriates and non-residents.
Foreign currency proceeds must be paid into a Foreign Exchange Account (FEA) with a licensed bank, and exchange rates must reflect commercial bank market rates benchmarked to the Bank of Ghana reference rate.
Foreign currency pricing is banned in areas such as domestic contracts, real estate, vehicles, school fees, hotels, airline tickets, retail and online sales.
For SWIFT payments, give your SWIFT/BIC and account number (Ghana does not use IBAN), agree who pays the charges, and verify any change of bank details by phone.

The rule in one paragraph

In late August 2025 the Bank of Ghana (BoG) issued a notice to banks and the public on unauthorised foreign exchange transactions, under the Foreign Exchange Act, 2006 (Act 723). It restated that the Ghana cedi is the sole legal tender for domestic transactions, and that residents may not price, advertise, invoice or accept payment in foreign currency unless the BoG has specifically licensed them. The one practical exception for ordinary businesses is invoicing expatriates and non-residents, subject to conditions.

Who you may invoice in foreign currency

Non-residents, for example an overseas client paying for services from abroad.
Expatriates (foreign nationals).

Ghanaian resident companies and individuals must be invoiced in cedis, even where the underlying cost is in dollars. The notice specifically lists domestic contracts among the transactions that may not be priced in foreign currency. Where it is unclear whether a customer counts as an expatriate or non-resident, ask your bank how it applies the notice before you issue the invoice.

Where the money must go

Proceeds of foreign currency invoices must be paid into a Foreign Exchange Account (FEA) with a licensed bank in Ghana. Banks offer more than one type of foreign currency account, and the rules on what may be credited and withdrawn differ, so ask your bank to confirm that the account on your invoice is the right one for this purpose.

Which exchange rate to use

Exchange rates used on foreign currency invoices must reflect the prevailing market rates of commercial banks and be benchmarked against the BoG's published reference rate. In practice, state on the invoice the rate you used and its date, and keep a record of the BoG reference rate for that day.

Where foreign currency pricing is prohibited

The BoG named the following as areas where residents may not quote, invoice or accept payment in foreign currency:

school fees;
vehicle sales and rentals;
real estate sales and rentals;
airline tickets;
domestic contracts;
retail shopping and online sales;
hotel accommodation.

The BoG said it will strictly enforce compliance and that violators face sanctions and possible legal action under Act 723.

VAT on invoices to non-residents

Exports of goods and services are zero-rated for VAT. A service supplied to an overseas client may therefore carry no VAT, but only if it meets the conditions for an export. Confirm this with the Ghana Revenue Authority or your adviser, and issue the invoice through the E-VAT system if you are VAT-registered.

Receiving an international (SWIFT) payment

Details to give your client

the exact account name as held by the bank;
the account number;
the bank's name and address;
the bank's SWIFT/BIC code;
the currency of the account;
any intermediary (correspondent) bank details your bank gives you for that currency.

Ghana does not use the IBAN format, and it does not appear on the lists of IBAN countries. If a client's payment system asks for an IBAN, they should use the account number field, or the option for countries without IBAN, together with your SWIFT/BIC.

Intermediary banks and charges

Dollar and euro payments to Ghana often pass through one or more correspondent banks. Who bears the charges depends on the option the sender chooses:

Option	Who pays	Effect for you
OUR	Sender pays all charges	Full amount normally arrives, subject to your own bank's incoming fee
SHA	Charges shared	Each intermediary may deduct its fee, so the payment can arrive short
BEN	Recipient pays all charges	All fees are deducted from the amount you receive

SHA is the common default, which is why invoices are often paid a little short. Put a clause in your contract or invoice asking for payment "OUR, all bank charges for the payer's account", and agree how any shortfall will be handled.

Protect yourself against invoice-redirection fraud

Business email compromise is one of the most financially damaging online crimes. A typical scheme is a fake message, apparently from a supplier, asking for payment to an updated bank account. To protect your business and your clients:

print your bank details on every invoice and tell clients they will never change by email alone;
verify any change of bank details, in either direction, by calling a phone number you already hold, not one given in the message;
check email addresses and domains carefully for small spelling changes;
turn on multi-factor authentication for email and banking;
treat urgent payment requests with extra suspicion.

How Gotham Consult can help

Gotham Consult helps businesses in Ghana structure their contracts and invoicing so that foreign currency is used only where permitted, sets up the right accounts with their bank, and designs simple payment verification procedures. Where a question needs a formal legal or Bank of Ghana view, we work with licensed advisers.

Questions

Can I invoice a Ghanaian company in dollars if our contract is in dollars?

Under the BoG notice, foreign currency invoices are permitted only for expatriates and non-residents, and domestic contracts are listed among transactions that may not be priced in foreign currency. Price and invoice resident customers in cedis unless you hold a specific BoG licence.

What is the IBAN for my Ghanaian bank account?

There is none. Ghana does not use IBAN; your client needs your account number and your bank's SWIFT/BIC code, plus any intermediary bank details your bank provides.

Why did I receive less than the invoiced amount?

The payment was probably sent with shared (SHA) charges, so intermediary banks deducted fees along the way. Ask clients to pay with the OUR option and put this in your contract.

Which exchange rate should I use on a foreign currency invoice?

The rate must reflect prevailing commercial bank market rates and be benchmarked against the Bank of Ghana's published reference rate. Record the rate and its date on the invoice.

A supplier has emailed new bank details. What should I do?

Do not pay until you have confirmed the change by phoning the supplier on a number you already hold. Requests to change bank details by email are a classic sign of invoice-redirection fraud.

Sources

Last reviewed: 29 September 2026. This is general information, not legal or tax advice.