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Desist from pricing, advertising and receiving payments in foreign currencies – BoG cautions

Bank Of Ghana HQ The Bank of Ghana Headquarters

Thu, 7 Apr 2022 Source: www.ghanaweb.com

BoG cautions public against 'black market' transactions

Ghana cedi is the sole legal tender in the country – Bank of Ghana

Offenders to serve 18-month jail term or pay fine – BoG to public


The Bank of Ghana has once again served notice to the public, particularly businesses, companies and institutions to desist from pricing, advertising and receiving payments in foreign currencies.

According to the central bank, individuals or entities engaged in the illegal act risk imprisonment of not more than 18 months or fines upon summary conviction.

In a statement issued by the Bank it said, “companies, institutions and individuals are prohibited from engaging in foreign exchange business without a license issued by Bank of Ghana; or pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without written authorization from Bank of Ghana.”

The Bank said such violations are punishable on summary conviction, by a fine of up to 700 penalty units or a term of imprisonment of not more than 18 months or both.

The central bank further cautioned the general public to desist from dealing in illegal forex activities also known as black market transactions adding that the sole legal tender in Ghana is the Ghana Cedi.

The Bank of Ghana however said it is in collaboration with National Security and Law Enforcement Agencies to clamp down on illegal foreign exchange operations.

“All offenders shall be dealt with in accordance with the law and the Bank of Ghana urges the general public to report any violations witnessed,” it concluded.

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Source: www.ghanaweb.com
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