Renting Property in Accra in 2026: What the Bank of Ghana Rules Mean for Landlords and Tenants

For many years, particularly in Accra’s prime residential market, rental prices have commonly been discussed in US dollars. Properties in Cantonments, Airport Residential Area, Labone, Ridge and East Legon have frequently been marketed at figures such as USD 3,000 or USD 5,000 per month, especially where tenants are expatriates, multinational companies or diplomatic missions.

The market practice is familiar. The regulatory position is more specific.

The Bank of Ghana has reiterated that the Ghana cedi is the country’s legal tender and that residents cannot, unless authorised, price, invoice, receive or make payment for goods and services in foreign currency. The rules specifically include the sale and rental of real estate.

So what does this mean in practice for landlords and tenants renting property in Accra?

Can a Landlord in Accra Charge Rent in US Dollars?

For a normal transaction between Ghanaian residents, a landlord should not simply insist on receiving rent in US dollars because the property has traditionally been marketed that way.

There are, however, important distinctions. The Bank of Ghana allows foreign-currency invoicing in certain cases involving expatriates or non-residents, subject to the applicable foreign-exchange and banking requirements.

This means the correct arrangement may depend on who the tenant is. A Ghanaian resident, an expatriate, a multinational company and a diplomatic mission should not automatically be treated in exactly the same way.

What Happens to Existing Tenancy Agreements Stated in USD?

This is one of the most common questions landlords and tenants are asking. An existing tenancy agreement expressed in US dollars does not simply disappear because of the foreign-exchange rules.

At the same time, the fact that a lease was originally drafted in dollars does not automatically mean that payments can continue to be collected in foreign currency without considering the applicable requirements.

·  who the landlord and tenant are;

·  how the rent is expressed;

·  the permitted currency of settlement;

·  the bank account receiving the rent; and

·  whether the transaction qualifies for permitted foreign-currency treatment.

At Akka Kappa, our view is that existing leases should be reviewed rather than relying simply on what has always been done.

Can Rent Still Be Benchmarked Against the US Dollar?

The prime Accra rental market continues to think internationally. Landlords compare properties with other properties quoted in dollars, international companies often establish accommodation budgets in foreign currency, and many owners measure investment returns against USD.

But the commercial reference point and the legal payment mechanism are not necessarily the same thing.

If rent is payable in Ghana cedis, the conversion method should be clearly agreed. For example, if both parties have discussed a property around the equivalent of USD 4,000 per month, they should not arrive at different cedi figures each month because they use different exchange rates.

The mechanism should be agreed before the tenancy starts.

Which Exchange Rate Should Be Used?

The Bank of Ghana has stated that where permitted foreign-currency invoices are issued, exchange rates should reflect prevailing commercial-bank market rates and be benchmarked against the Bank of Ghana reference rate rather than being arbitrarily determined.

For landlords and tenants, the wider lesson is simple: the exchange-rate clause should never be vague.

·  the agreed rental amount;

·  the permitted currency of payment;

·  the basis for conversion;

·  the reference rate;

·  when the rate is determined; and

·  where payment must be made.

This becomes particularly important if the cedi moves significantly during the tenancy.

What About Corporate and Diplomatic Rentals?

Accra has a substantial corporate, diplomatic and expatriate rental market. A diplomatic mission may pay from an overseas account. A multinational may have an international housing allowance but make payments through its Ghanaian entity. An expatriate tenant may have a different status from a locally resident company.

This is why one standard currency clause should not automatically be used for every tenancy. The contract should reflect the actual parties involved.

What Should Be Agreed Before a Tenancy Is Signed?

Before concluding a tenancy agreement in Accra, landlords and tenants should be clear on five points:

1.  What is the agreed rent?

2. In which currency can it legally be paid?

3. If conversion into Ghana cedis is required, how will the rate be determined?

4.When will that rate be fixed?

5.Into which account must payment be made?

These are not administrative details. They determine how much the tenant actually pays and how much the landlord actually receives.

What Does This Mean for Accra’s Rental Market?

The prime Accra rental market will continue to be influenced by international companies, diplomatic missions, expatriates and foreign investors. Properties in Cantonments, Airport Residential Area, Labone, Ridge and East Legon will therefore continue to be assessed within an international market.

But market convention and regulatory compliance are two different things.

At Akka Kappa, we believe the right approach is not to ignore how the market operates, but to structure the transaction correctly from the beginning. For landlords, this means understanding the payment structure before accepting an offer. For tenants, it means knowing exactly what has been agreed and how the rent will be calculated.

For both parties, clear tenancy-agreement wording has become increasingly important.

 

Important note: Bank of Ghana requirements, banking procedures and individual transactions can differ. This article provides general market information and should not replace specific legal, banking or regulatory advice.