26
Business News Fri, 10 May 2019

BoG to punish businesses, individuals who charge in dollars

The Bank of Ghana, BoG says it will punish businesses and individuals who charge dollars for their services in the country.

According to the statement from BoG on Thursday, the general public must only use the Ghana Cedi (GH¢) and pesewas (GHp) to pay for goods and services in the country or be punished.

The statement said although the Foreign Exchange Act, 2006 (Act 723) prohibited the pricing and the payment in currencies either than the local currency, it had noticed that some institutions, companies and individuals were dealing in the "business of foreign exchange trade without authorisation from the bank."

"The general public is hereby reminded that the Foreign Exchange Act, 2006 (Act 723) prohibits the pricing, advertising, receipt or payment for goods and services in foreign currency in Ghana."

"Such violations are punishable by law by summary convictions, a fine of up to seven penalty units or a prison term of not more than 18 months, or both," the statement, which was signed for the Secretary of the bank, said.

It emphasised that "the sole legal tender in Ghana is the Ghana cedi or Ghana pesewas."

We will seize any amount that exceeds $10k - BoG

The Bank of Ghana, BOG, has asked travellers to declare any amount that is in excess of $10,000.00 using the Currency Declaration Form (CDF) indicating the source and purpose for carrying such an amount.

The BoG in a statement said: "Any person arriving in or departing from Ghana is permitted to carry up to $10,000.00 or its equivalent in any other monetary instruments without a declaration. However, where the amount is in excess of $10,000.00, the whole amount shall be declared using the Currency Declaration Form (CDF) indicating the source and purpose for carrying such an amount. If you have someone else carrying the currency or monetary instrument for you, you must also declare at the point of entry or exit.”

"Failure to declare or a false declaration shall lead to the seizure and/ or forfeiture of all the currency or monetary instruments, and may be subjected to penalties and/ or criminal prosecution," the statement added.

Source: primenewsghana.com
Related Articles: