Stop transacting business in foreign currency – BoG warns

The Bank of Ghana has cautioned organisations and individuals against transacting business in foreign currency in Ghana.

A statement from the Central Bank stated that institutions and individuals are prohibited from pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without written authorization from the Bank of Ghana.

The statement added that such violations are punishable on summary conviction, by a fine of up to seven hundred (700) penalty units or a term of imprisonment of not more than eighteen (18) months, or both.

Below is the full statement by the Bank of Ghana

PROHIBITION OF PRICING, ADVERTISING, RECEIPTING AND/OR MAKING PAYMENTS FOR GOODS & SERVICES IN FOREIGN CURRENCY IN GHANA

Further to the Bank of Ghana’s previous notices Nos. BG/GOV/SEC/2019/07 and BG/GOV/SEC/2012/12 which advised the public against unauthorized dealings in foreign currency, the Bank of Ghana hereby reminds the public that in accordance with the Foreign Exchange Act, 2006 (Act 723), companies, institutions and individuals are prohibited from:

i. engaging in foreign exchange business without a licence issued by Bank of Ghana; or

ii. pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without written authorization from the Bank of Ghana.

Such violations are punishable on summary conviction, by a fine of up to seven hundred (700) penalty units or a term of imprisonment of not more than eighteen (18) months, or both.

Bank of Ghana hereby cautions the general public to desist from dealing in illegal forex activities (black market transactions), pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without the requisite licence or authorization from the Bank of Ghana.

The General Public is hereby notified that the sole legal tender in Ghana is the Ghana Cedi. Bank of Ghana, in collaboration with National Security and Law Enforcement Agencies, will continue to clamp down on illegal foreign exchange operations. All offenders shall be dealt with in accordance with the law.

Bank of Ghana urges the general public to report any violations witnessed to:
Telephone: 0302665005
Email: complaints.office@bog.gov.gh
WhatsApp: 0596912354 or 0501502270

Source: Ghana/Starrfm.com.gh