All school fees should be paid in Cedis, Bank of Ghana bans payment of school fees in dollars in Ghana

The Bank of Ghana has drawn a firm line in the sand school fees and other domestic payments can no longer be quoted in dollars. In a directive issued on August 27, 2025, the central bank stressed that the Ghana cedi is the only legal tender for transactions within the country. This move, grounded in the Foreign Exchange Act of 2006, aims to strengthen the local currency and stop the creeping habit of dollarisation in everyday life. From now on, parents paying school fees must see invoices strictly in cedis, not “USD equivalent,” as some institutions previously practiced. Join us on WhatsApp for more updates https://chat.whatsapp.com/IwYdwerq679JpLNCAQXatL

According to the BoG, only expatriates or non-residents may be billed in foreign currency, and even then, payments must flow through licensed bank accounts with official exchange rates applied. The message is clear: the cedi is king. Schools, landlords, and businesses that continue to demand dollars face sanctions, with the regulator warning that enforcement will be swift. For parents, this brings relief from the anxiety of unpredictable fee hikes tied to dollar fluctuations. For institutions, it’s a signal to adjust quickly or risk the consequences.

The decision has stirred conversations across the country, with many welcoming it as a necessary step to protect the value of the cedi. Others see it as a reminder that Ghana’s economy must rely on its own strength, not on foreign currencies creeping into classrooms and households. In the end, the rule is simple: in Ghana, it’s cedis or nothing.