The Bank of Ghana (BoG) has cautioned the public to desist from pricing and making payments for goods and services in foreign currencies.
According to the central bank, such practices breach the Foreign Exchange Act, 2006 (Act 723), prohibiting companies and institutions from pricing, advertising, receipting, or making payments in foreign currencies in Ghana.
A statement from the bank also said the law prohibits individuals or institutions from engaging in foreign exchange business without a licence issued by 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 18 months or both,” the statement said.
The bank also cautioned the public to desist from dealing in illegal forex activities, also known as black market transactions, without the requisite license from the bank.
The central bank’s directive follows the current challenges of the Ghana Cedi against major trading currencies, especially the dollar.
According to Finance Minister Ken Ofori-Atta, the cedi has seen a 14% depreciation against the US dollar this year, making it one of the worse performing currencies globally.
