The Bank of Ghana (BoG) has cautioned companies, institutions and individuals dealing in the business of foreign exchange without authorization to desist from such acts.

“The Bank of Ghana announces for the information of the public that it has come to its notice that some companies, institutions and individuals are dealing in the business of foreign exchange without authorization from the Bank,” a statement from the Central Bank has said.

The statement added that “The general public is hereby reminded 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.” 

“Such violations are punishable by summary conviction, a fine of up to seven hundred penalty units or a prison term of not more than eighteen months, or both,” the statement concluded.

The BoG therefore insists that “the sole legal tender in Ghana is the Ghana Cedi and Ghana pesewa.”