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.”
Latest Stories
-
‘Comic relief’ – Sammy Gyamfi describes CJ’s praise of Akufo-Addo
10 mins -
Arrest and prosecute persons registering minors and foreigners – EC to police
15 mins -
Lack of investments in African FinTechs can slow the pace of innovation – BoG Governor
19 mins -
7 potential developers inspect Saglemi Housing Project
21 mins -
Ghana School of Law SRC pays fees and exam charges for 90 students
25 mins -
Social media users react to over 9-hour rain-induced traffic congestion on Kasoa stretch
36 mins -
Your allegations against EOCO borne out of pure hatred – Adam Bonaa told
42 mins -
Akufo-Addo celebrates Ghanaian mothers for sacrifices and commitment to nationhood
44 mins -
I need your prayers and support for victory – Bawumia to religious bodies
46 mins -
George Afriyie uncertain about another GFA presidential attempt
49 mins -
Female judges key to eradication of negative cultural practices – Akufo-Addo
54 mins -
Renal patients call for help as dialysis cost hits GH¢491
1 hour -
The Cedi’s depreciation this year better than last year – Finance Minister
1 hour -
Africa must reimagine growth on its terms – Bawumia
1 hour -
Finance Minister forecasts 15% inflation rate by close of 2024
1 hour