It’s illegal to price, advertise, pay in foreign currencies – BoG warns

The Bank of Ghana has reminded the public that it is illegal for companies, institutions and individuals to engage in foreign-exchange business without a licence issued by the central bank or price, advertise, receive or make payments for goods and services in foreign currency in Ghana, without written authorisation from the regulator.

Such violations, according to the BoG, are punishable on summary conviction by a fine of up to 700 penalty units or a term of imprisonment of not more than 18 months or both.

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BoG, in a statement, also 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 authorisation from Bank of Ghana.

The bank reminded the public that the sole legal tender in Ghana is the Ghana cedi.

The Bank of Ghana said in collaboration with the National Security and law enforcement agencies, it will continue to clamp down on illegal foreign exchange operations.

“All offenders shall be dealt with in accordance with the law,” the statement added.

The statement urged the general public to report any violations witnessed to:

Telephone: 0302665005

Email: complaints.office@bog.gov.gh

WhatsApp: 0596912354 or 0501502270

Source: Classfmonline.com