The Bank of Ghana (BoG) has warned companies, institutions and individuals dealing in the business of foreign exchange without authorisation to desist form the practice.
In a press statement issued Thursday morning, the Central Bank indicated that the Foreign Exchange Act, 2006 (Act 723) prohibits the pricing, advertising and receipt or payment for goods and services in foreign currency in Ghana.
The statement noted that ” such violations are punishable by summary conviction, a fine of up to seven hundred penalty units or a prison term of not more than 18 months, or both..”
The Bank of Ghana emphasised that the “sole legal tender in Ghana is the Ghana Cedi and Ghana pesewa.”
