The Central Bank of Ghana has warned citizens against using foreign currencies to transact business within the country, including engaging in foreign exchange business.
The Central Bank of Ghana has prohibited companies, individuals, and institutions from the following:
- Engaging in foreign exchange without a licence issued by the Bank of Ghana (BOG)
- Pricing, advertising, receipting, or making payments for goods and services in foreign currency in the country without written authorization from the Bank of Ghana.
The bank said it would continue working together with security agencies to clamp down on illegal foreign exchange operations, and that offenders would face the law.
“Such violations are punishable on summary conviction by a fine of up to seven hundred penalty units or an imprisonment term of not more than 18 months, or both,” read the notice issued by the bank.
The central bank further reiterated that the only legal tender for transactions in the country is its local currency, the Ghana Cedi.