Stop selling goods and services in foreign currencies – BoG

The Bank of Ghana has warned companies and individuals in Ghana advertising and pricing goods and commodities in foreign currencies to desist from such acts.

The bank says individuals caught in the act will be punished by the laws of Ghana.

In a statement, the Central bank warned the laws of Ghana does not permit the use of foreign currencies for local businesses in Ghana.

“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.  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 sole legal tender in Ghana is the Ghana Cedi and Ghana pesewa,” the statement said.