Desist from dealing in illegal forex activities - BoG
Such violations are punishable on a summary conviction, by a fine of up to 700 penalty units or a term of imprisonment of not more than 18 months, or even both.
The Bank of Ghana (BoG), has warned organisations and individuals against transacting businesses in foreign currencies, without authorization, particularly a license from the BoG.
In a statement dated April 5, 2022, it said such violations are punishable on a summary conviction, by a fine of up to 700 penalty units or a term of imprisonment of not more than 18 months, or even both.
“The Bank of Ghana hereby reminds the public that in accordance with the Foreign Exchange Act, 2006 (Act 723), 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 the Bank of Ghana.”
The statement reiterated that the sole legal tender in Ghana is the Ghana Cedi.
“Bank of Ghana, in collaboration with National Security and Law Enforcement Agencies, will continue to clamp down on illegal foreign exchange operations. All offenders shall be dealt with in accordance with the law.”
