The Ghanaian government has banned spending and transaction of businesses in U.S dollars, Pounds, and other foreign currencies in the country. In a public statement on Thursday, the Bank of Ghana (BoG) warned citizens and companies to stop transacting business, pricing goods and services and advertising in foreign currencies.
The apex bank noted that it is illegal for individuals, companies, institutions, and others to engage in foreign exchange business without an appropriate licence from the regulator. According to the statement, “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 (18) months or both.”
The bank further cautioned the public to stop transacting business from the black market, adding that it has collaborated with the national security and law enforcement agencies to clamp down on illegal foreign exchange operations. “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.”
This is one of the recovery efforts of the Ghanaian government to manage its present economic hardship after more than two years of economic downturns due to the COVID-19 pandemic.
In this regard, the government is keen on streamlining income avenues to maximize recovery and put the country back on the growth projections reported prior to the start of the pandemic.