Ghana Central Bank Reiterates Warning Against Practice of Pricing Goods in Forex

The Bank of Ghana has warned businesses and the nationalist against the signifier of demanding oregon making payments successful overseas currency without its authorization. The cardinal bank’s informing comes conscionable implicit a period aft Ghana’s currency was rated the worst performing among Africa’s apical currencies.

Violators Face Possible Prison Time

The Ghanaian cardinal slope has reminded the nationalist that the signifier of receiving oregon making payments for goods and services successful overseas currency without its explicit authorization is inactive prohibited. The slope besides likewise warned businesses against “engaging successful overseas speech concern without a licence issued by the Bank of Ghana.”

In a statement, the Bank of Ghana (BOG) said those caught connected the incorrect broadside of regulations look hefty fines. Alternatively, those successful usurpation of the respective regulations look “a word of imprisonment of not much than eighteen (18) months oregon both.”

Citizens Urged to Report Violations

According to the BOG, lone the section currency, the cedi, is the sole ineligible tender successful Ghana. The cardinal slope besides indicated it volition descend connected companies breaking the instrumentality and each offenders volition beryllium punished successful accordance with the law. In the statement, the BOG said:

Bank of Ghana, successful collaboration with National Security and instrumentality enforcement agencies, volition proceed to clamp down connected amerciable overseas speech operations. All offenders shall beryllium dealt with successful accordance with the law.

Meanwhile, successful the statement, the BOG said Ghanaian citizens should study immoderate violations of the Foreign Exchange Act to its complaints offices.

The informing by the BOG comes conscionable implicit a period aft the cedi, which depreciated by 8.86% betwixt January 1 and February 25, was named the worst-performing among Africa’s apical currencies. The cedi’s autumn comes much than a twelvemonth aft it was rated the best-performing currency.

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