The Bank of Ghana in its latest release has advised the public to desist from engaging in unauthorized Forex Exchange.
According to the statement, the sole legal tender in Ghana for all transactions is the Ghana Cedi. The statement by the Bank of Ghana noted that in accordance with the Foreign Exchange Act, 2006 (ACT 723), Companies, Institutions and individuals are prohibited from engaging in foreign exchange business without a license issued by the Bank of Ghana or pricing, advertising, receipting or making payment for goods and services in foreign currency in Ghana, without written authorization from Bank of Ghana.
According to the Bank of Ghana, such violations are punishable on summary conviction, by a fine of up to seven hundred penalty units or a term of imprisonment of not more than eighteen months or both. It also cautioned the public to desist from illegal forex activities (black market transactions) without the requisite license or authorization by Government.
The statement emphasized that the only legal tender, valid for all transactions in the country is the Ghana Cedi.
The Bank of Ghana in collaboration with National Security and Law Enforcement Agencies will continue to clamp down on illegal foreign exchange operations. It warns that all offenders shall be dealt with in accordance with the law.
