The Bank of Ghana (BoG) has recently reinforced its directive that all goods and services in Ghana must be priced, advertised, and paid for in Ghana cedis. This renewed enforcement affects many sectors, but few as directly as real estate, where quoting in U.S. dollars has long been a standard practice.
For property developers, landlords, and investors, this marks a defining moment in how real estate is transacted in Ghana. At Osini Real Estate, we see it as a chance to lead the way, strengthening trust, transparency, and stability across the housing market.
Why the Bank of Ghana Is Reinforcing Cedi-Only Pricing
This directive is rooted in the Foreign Exchange Act, 2006 (Act 723), which recognises the cedi as the only legal currency for local transactions. Over time, frequent use of foreign currency in pricing, especially the U.S. dollar, has led to distortions such as:
- Exchange rate pressure on the cedi
- Inflationary effects on local prices
- Reduced confidence in the national currency
By renewing enforcement, BoG seeks to restore confidence in the cedi, reduce dollarisation, and ensure fairness in how goods and services are valued across Ghana’s economy.
What This Means for the Real Estate Sector
This policy represents both a challenge and a reset for the property market. Developers often prefer dollar pricing to offset exchange rate risks, particularly because building materials and fixtures are frequently imported.
However, under the current law, quoting or accepting payment in foreign currency without explicit BoG authorisation is a violation. This means:
- Landlords can no longer advertise property in USD
- Tenants and buyers must transact strictly in cedis
- Agents and developers must ensure contracts comply with the regulation
The industry’s shift to cedi-only transactions requires thoughtful adjustment, but it’s also a path toward transparency and market stability.
The Legal and Financial Risks of Ignoring the Directive
Failure to comply with BoG’s directive could result in:
- Legal penalties under the Foreign Exchange Act
- Invalidation of contracts quoted in foreign currency
- Reputational damage or loss of client trust
- Sanctions from regulatory bodies
Beyond the legal implications, continued reliance on foreign currency pricing can undermine long-term business credibility. Compliance, on the other hand, signals professionalism and alignment with national policy.
How Property Owners and Developers Can Stay Compliant
Transitioning to cedi pricing doesn’t mean losing control over value. Here are practical steps to protect your business while remaining compliant:
- Price in Cedis, with Adjustment Clauses
Quote property values in cedis but include clearly defined review clauses that allow for lawful adjustments if the cedi value changes significantly. - Work with Authorised Banks
Use forward exchange contracts or other hedging instruments offered by licensed banks to manage currency exposure safely and legally. - Source Locally Where Possible
Reducing reliance on imported materials limits foreign exchange risk and supports local industry growth. - Review Existing Contracts
If you have active agreements priced in foreign currency, seek legal or financial advice on how to update them in line with BoG’s requirements
At Osini Real Estate, we’ve already begun the process of transitioning listings and contracts to cedi terms, ensuring our clients remain fully compliant without compromising on value.
Toward a More Stable Property Market
For this policy to yield lasting results, Ghana needs consistent enforcement, improved access to foreign exchange through formal systems, and continued macroeconomic stability. When these elements align, cedi-only pricing will not just be a legal requirement but a reflection of growing confidence in the local economy.
Final Thoughts
The Bank of Ghana’s renewed stance is more than a compliance issue — it’s a call to strengthen Ghana’s financial foundations. As we adapt, pricing in cedis should be seen as an investment in transparency, resilience, and trust.
Osini Real Estate, remains committed to helping our clients navigate these changes smoothly. Whether you’re a developer, landlord, or tenant, Osini Real Estate is here to help you stay ahead, ensuring full compliance with BoG directives and securing lasting value for your investments.
Need help reviewing your property listings or updating your contracts to meet the Bank of Ghana’s directive?
Our team at Osini Real Estate is ready to guide you every step of the way.
Contact us at contact@osinigroup.com or call +233 (0) 55 300 3935 for expert assistance.
Osini Real Estate — Building Trust. Creating Value. Growing Ghana.
