The Bank of Ghana (BoG) has reminded the public that companies, institutions and individuals are prohibited from engaging in the foreign exchange business, pricing, advertising, receipting or making payments for goods and services without authorization.
The BoG in a public notice dated April 5, 2022, said this is in accordance with the Foreign Exchange Act, 2006 (Act 723), which states that 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.
The bank said such violations were punishable on summary conviction, by a fine of up to seven hundred (700) penalty units or a term of imprisonment of not more than 18 months, or both.
The notice reiterated that the sole legal tender in the country 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," the notice reads.
The BoG further urged the general public to report any violations witnessed.