BoG bares teeth at unauthorised transactions in foreign currency

    Bank of Ghana Governor, Dr. Ernest Addison

    The Bank of Ghana (BoG) has issued a directive to the general public and to quit pricing, advertising, receipting and making payments in foreign currency without the due authorisation of the central bank.

    It is not a secret that in Ghana today, several businesses price their goods and services in dollars. The real estate industry in particular, tend to price properties and rentals in dollars, in blatant defiance of two directives from the central bank in 2012 and in 2019.

    The previous warning has been against dealing in foreign exchange business without a license from BoG and pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana without BoG’s authorisation.

    The central bank emphasised that the sole legal tender in Ghana remains the Ghana Cedi, adding that it is working with the National Security and law enforcement agencies to clamp down on all illegal foreign exchange operations.

    BoG therefore urged the general public to report any violation witnessed to 0302665005 or email address or to WhatsApp numbers 0596912354 and 0501502270.

    The central bank said all offender shall be dealt with according to law – the Foreign Exchange Act, 2006, (Act 723), which prescribes either a 700 penalty units (GHS8,400) fine, an 18-month jail term or both.

    Find the directive below:


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