The Bank of Ghana has cautioned organizations 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 license 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 license 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
