Spending and commercial transactions in foreign currencies are prohibited in Ghana by the government.
In a statement released on Thursday, the Central Bank of Ghana cautioned individuals and businesses to refrain from conducting business, setting prices for goods and services, and using foreign currencies for advertising.
The nation’s top bank claims that it is unlawful for people, businesses, organizations, and others to deal in foreign exchange without the proper license from the regulator.
According to the statement, “pricing, advertising, receiving, or paying for goods and services in foreign currency in Ghana without written authorization from Bank of Ghana; or engaging in foreign exchange business without a license issued by Bank of Ghana.”
“Secondary conviction for such offenses carries a maximum fine of seven hundred (700) penalty units, a maximum jail sentence of eighteen months (18), or both.”
Additionally, the bank issued a warning to the public to refrain from conducting business on the black market.”Secondary conviction for such offenses carries a maximum fine of seven hundred (700) penalty units, a maximum jail sentence of eighteen months (18), or both.”
Additionally, the bank issued a warning to the public to refrain from conducting business on the black market.
The Bank of Ghana is warning the public to avoid engaging in illicit foreign exchange activities (black market transactions), pricing, advertising, receiving, or paying for products and services in Ghana using foreign currency without the requisite licence or authorization from Bank of Ghana,” it added.
The public is therefore informed that the Ghana Cedi is the only accepted form of payment in Ghana.
“The Bank of Ghana will crack down on illicit foreign exchange transactions in coordination with the National Security and Law Enforcement Agencies. The law will be followed when dealing with any violators.
According to the Bank of Ghana, it has worked with law enforcement and national security organizations to combat illicit foreign exchange activities.
The nation has been making an effort to control its current financial difficulties.
