Desist from pricing goods, services in dollars – BoG

The Bank of Ghana (BoG) has cautioned businesses to desist from pricing goods in dollars.

According to the BoG, the Ghana Cedi still remained the sole legal tender for transaction in the country.

This was contained in a press statement issued in Accra yesterday and signed by the Secretary of the Bank, Ms Sandra Thompson.

“The BoGcautions 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 license or authorisation from Bank of Ghana,” the statement said.

According to the BoG, the practice was against the Foreign Exchange Act 2006 (Act 723) which prohibited individuals, companies and institutions from engaging in foreign exchange business without a license issued by the bank or pricing, advertising, receipting or payment of goods and service in foreign currency.

Those who were found culpable, the statement said, would be subjected to a fine of up to 700 penalty units or a term of imprisonment of not more than 18 months or both.

The Bank further noted that it would in collaboration with National Security and Law Enforcement Agencies continue to clamp down on all illegal foreign exchange operators in the country and would be made to face the full rigorous of the law.

“Bank of Ghana, in collaboration with National Security and Law Enforcement Agencies will continue to clamp down on illegal foreign operations. All offenders shall be dealt with in accordance with the law,” the statement said.

The bank had therefore urged the general public to report any violation witnessed for the necessary actions to be taken in order to ensure sanity in the financial sector.

This press release by the BoG follows similar circular to caution the general public on the use of foreign currencies in illegal transactions.


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