The Bank of Ghana has cautioned businesses and the general to desist from pricing, advertising, receipting, and or making payments for goods and services in foreign currencies.
The notice was contained in a statement issued by the Bank of Ghana.
According to the Foreign Exchange Act, 2006 (Act 723), companies, institutions, and individuals are prohibited from engaging in foreign business without a license issued by the Bank of Ghana.., pricing, advertising, receipting, or making payments for goods and services in foreign currency in the country, without written authorization from Bank of Ghana.
It further added that “such violations are punishable on summary conviction, by a fine of up to seven hundred penalty units or a term of imprisonment of not more than 18 months, or both”.
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The bank said it would work together with security agencies to clamp down on illegal foreign exchange operations, and that offenders would face the law.
Ghana’s government has placed more emphasis on recovery efforts after more than two years of economic downturns due to the Covid-19 pandemic.
In such regard, the government is ardent about streamlining income avenues to maximize recovery and put the economy back on the growth projections reported before the start of the pandemic.
