According to the Bank of Ghana (BoG), it will soon sanction institutions that are pricing their goods and services in foreign currencies.
Adwoa Konadu Torttoo, the Head of Forex Bureau Examinations and Other Financial Institutions at the central bank, BoG , on Tuesday September 17, 2019 , revealed to journalists that: “For the general public and other stakeholders who price their things in foreign currencies , we are saying that moving on, after the this caution we are going to sanction them.
“Our directives come with a punishment or sanctions and so if you flout this law you should be sanctioned.”
The BoG in a notice cautioned companies, institutions and individuals against dealing in the business of foreign exchange without authorization from the bank.
The regulator in a statement earlier said, “The general public is hereby reminded that the Foreign Exchange Act, 2006, (Act 723) prohibits the pricing, advertising and receipt or payment for goods and services in foreign currency in Ghana.
“The sole legal tender in the country is the Ghana Cedi and the Ghana pesewa.”
According to the statement, persons found to have violated the directive would face summary conviction, a fine of up to seven hundred penalty units or a prison term of not more than eighteen months, or both.