Ghana bans unauthorised transactions in foreign currency

Ghana on Thursday banned transaction in any foreign currency without licence or approval from the Bank of Ghana.

This was announced in a statement by the Bank of Ghana on Thursday.

According to the statement, the only legal tender approved for transactions in the West African country is the Cedi.

“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 said

The bank also cautioned the public to stop transacting business from the black market.

“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 statement added.