The Bank of Ghana has once again warned the public (companies, institutions and individuals) to desist from unauthorized dealings in foreign currency.

This is in accordance with the Foreign Exchange Act, 2006 (Act 723).

According to a statement from the Central Bank, companies, institutions and individuals are prohibited from engaging in foreign exchange business without a licence issued by Bank of Ghana or pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without written authorization from Bank of Ghana.

“Such violations are punishable on summary conviction, by a fine of up to 700 penalty units or a term of imprisonment of not more 18 months, or both”, it pointed out.

“The Bank of Ghana cautioned the general public to desist from dealing in illegal forex activities (black market transactions), pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without the requisite licence or authorization from Bank of Ghana”, it emphasised.

The Central Bank reminded the public that the sole legal tender in Ghana is the Ghana Cedi.

In this regard, together with National Security and Law Enforcement Agencies, the regulator of the banking industry, said, it will continue to clamp down on illegal foreign exchange operations, adding “all offenders shall be dealt with in accordance with the law”.

It concluded, urging, the general public to report any violations witnessed to the Central Bank.