Ghana outlaws spending in foreign currencies

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Uba Group

Uba Group

The Ghanaian government has warned its citizens and companies to stop transacting businesses in foreign currencies.

The authorities announced this in a statement made available by the Central Bank of Ghana, on Thursday.

The apex bank said in the statement that it is illegal for individuals, companies, institutions, and others to engage in foreign exchange business without an appropriate licence from the regulator.

It read that “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 authorisation from Bank of Ghana.

“Such violations are punishable on summary conviction by a fine of up to seven hundred (700) penalty units or a term of imprisonment of not more than eighteen months(18) or both.”

The statement also cautioned the public to stop transacting business from the black market, adding that “Bank of Ghana hereby cautions 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.

“The public is hereby notified that the sole legal tender in Ghana is the Ghana Cedi.

“The Bank of Ghana, in collaboration with the National Security and Law Enforcement Agencies, will clamp down on illegal foreign exchange operations. All offenders shall be dealt with in accordance with the law.”

The Bank of Ghana said it collaborated with the national security and law enforcement agencies to clamp down on illegal foreign exchange operations.

Ghana has been evolving policies to manage its present economic hardship.

In March, the government announced a 30per cent salary cut for its appointees to mitigate economic hardship.