The Bank of Ghana (BoG) has warned against the pricing of goods and services in foreign currencies.

The BoG in a statement asked the public and business entities to desist from such practices or have themselves to blame.

According to the apex bank, such practices breach the Foreign Exchange Act, 2006 (Act 723) which prohibits companies and institutions from pricing, advertising, receipting or making payments in foreign currencies in Ghana.

The BoG in its statement signed by Secretary, Sandra Thompson, reiterated that the only legal tender for transactions in the country is the Ghana Cedi.

“The General 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.’

The central bank in a statement also said the law prohibits individuals or institutions from engaging in foreign exchange business without a licence issued by the 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 months(18) or both,” the Bank of Ghana cautioned.

Source: Ghana/