BoG Warns Against Deals In Foreign Currency

The central bank has issued a warning to companies, institutions and individuals engaged in businesses in foreign exchange.

According to a statement from the Bank of Ghana, the sole legal tender in Ghana is the Ghana Cedi and Ghana pesewa.

The statement reminded all and sundry about the Foreign Exchange Act, 2006 (Act 723), which prohibits the pricing, advertising and receipt or payment for goods and services in foreign currency in Ghana.

“Such violations are punishable by summary conviction, a fine up to seven hundred penalty units or a prison term of not more than eighteen months, or both.”

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